General Electric announced today that GE Medical Systems president and CEO Jeffrey Immelt has been named the successor to chairman and CEO Jack Welch. Immelt, whose new title will be president and chairman-elect, will succeed Welch upon his retirement at the end of 2001. He will serve as a member of the corporate executive office, along with Welch and vice chairmen Dennis Dammerman and Robert Wright.
The appointment was not completely unexpected. Immelt has been rumored for some time to be among the final three candidates to replace the venerable Welch. In his time at GE Medical Systems, Immelt helped grow the division to a $7 billion unit and has led the vendor through a number of major acquisitions.
Replacing Immelt at the helm of GEMS will be Joseph Hogan, who has been serving as executive vice president and COO since June. Hogan joined GEMS in early 2000 as vice president, global e-business. Prior to that post, Hogan had been president and CEO of GE-Fanuc Automation North America, a joint venture between GE and Fanuc of Japan, since February 1998.
Investors appeared to react favorably to Immelt’s appointment, bidding the company’s stock up 1.77% in early trading Monday to 50 ¼.
By Erik L. Ridley
AuntMinnie.com staff writer
November 27, 2000
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