John Flannery, the choice to replace Jeffrey Immelt as head of GE, is a corporate insider who has been with the company for years.
Flannery, 55, tweeted that it was an honor to take over as head of General Electric.
CNBC reported that Flannery “has been named CEO of the company, effective Aug. 1, and chairman effective Jan. 1, 2018.”
Here’s what you need to know:
1. Flannery Was Head of GE Healthcare
Flannery’s GE bio touts his leadership of the company’s healthcare wing.
“As President and CEO of GE Healthcare, Mr. Flannery led the turnaround of the $18 billion business. He increased organic revenue by 5 percent and margins by 100 bps in 2016. He positioned GE Healthcare for continued success with technology leadership in core imaging, created digital platforms and solutions, expanded Life Sciences through bioprocess solutions, and added key technology to its cell therapy systems business. He also launched Sustainable Healthcare Solutions, which is focused on bringing disruptive technologies to healthcare providers across emerging markets,” the bio says.
2. Flannery Went to College in Pennsylvania & Has an MBA
According to his GE biography, Flannery “is a graduate of Fairfield University and holds an MBA from the Wharton School at the University of Pennsylvania.”
3. Flannery Once Worked for GE in Argentina & Asia & Has Been With the Company Since 1987
According to his company bio, Flannery once worked for GE’s operations in Argentina and Asia.
“Flannery, 55, began his career at GE Capital in 1987 where he focused on evaluating risk for leveraged buy-outs. In the 1990s, he was a leader in the corporate restructuring and workout group, where he was known for his negotiating skills and ability to improve companies’ operations. In 1997, he moved to Argentina where he successfully led GE’s Equity business in Latin America and the overall GE Capital business for Argentina and Chile,” the bio says.
In 2002, Flannery “became the President & CEO of GE Equity and was asked to lead the business through a difficult cycle,” says the company bio, which adds that he then moved to Asian for a time.
:In 2005, he moved to Asia where he was responsible for the Asia Pacific region for GE Capital and while there he grew earnings in Japan by 100 percent, in Korea by 30 percent and in Australia by 25 percent. In 2009, he moved to India to lead the country for GE. During his time in India, Mr. Flannery upgraded the leadership team, built the culture and focused on the industrial side of the business, where he increased industrial sales by 50 percent in 2011,” the bio says. “In 2013, he was tapped to lead business development at GE Corporate where he focused on capital allocation for the company and led the acquisition of Alstom, the largest industrial acquisition in the company’s history. He also worked on shrinking GE Capital, the Synchrony Financial IPO, and the disposition of GE Appliances.”
4. Immelt, Who left in a ‘Shakeup,’ Praised Flannery
Immelt is leaving GE as part of a “management shake-up,” CNBC reported. However, he had only kind words for his replacement.
“John is the right person to lead GE today,” Immelt said in a statement, according to CNBC. “He will be trusted by investors, our customers and the GE team.”
5. Flannery Is a Married Father of Three
John Flannery is married to wife, Tracy, and the couple has three children, a daughter, Morgan, and sons, Matthew and Tim, according to Boardroominsider.