The CEO of General Electric (GE) is stepping down.
Jeff Immelt will stay on as chairman until his retirement from the position at the end of the year.
John Flannery, who is president and CEO of the company’s conglomerates healthcare unit, will take over the post in August.
Immelt has been at the helm of GE for 16 years, overseeing a transformation that included selling many of the company’s units.
Over that time, GE sold its insurance, credit card, plastics and security divisions.
Flannery is a long-time GE executive, starting his career at GE Capital in 1987.