The wider company has come under pressure in recent years, since Mr. Peltz’s Trian took a 1 percent stake in G. E.
The investment was worth about $2.5 billion, with Mr. Peltz saying at the time
that the company’s stock was “undervalued and underappreciated” and could be transformed to “allow its world-class industrial businesses to drive attractive shareholder returns.”
But G. E.’s stock price slumped late last year and Trian said
that it “intensified its dialogue” in March with G. E.’s senior management “regarding new initiatives to help ensure that G. E.
can meet its financial commitments
He said that while “no one’s happy with the stock price now,” the health care
sector in particular offered “so much long term growth,” adding that G. E.
was “just scratching the surface of what we can do in that business.”
Mr. Flannery, 55, will become chief executive of G. E.
Mr. Immelt, 61, will remain as chairman until he retires on Dec. 31.
Jeffrey Immelt to Retire as General Electric Chief -
By CHAD BRAY and STEVE LOHRJUNE 12, 2017
General Electric said on Monday that its longtime chairman
and chief executive, Jeffrey R. Immelt, would retire, ending a 16-year run in which he refocused the company on its industrial roots but also made notable acquisitions.