GE picks Immelt as successor to chairman Welch

Nov 27: General Electric Co named Jeffrey R Immelt, head of its GE Medical Systems subsidiary, president and chairman-elect, making him th...

Nov 27: General Electric Co named Jeffrey R Immelt, head of its GE Medical Systems subsidiary, president and chairman-elect, making him the eventual successor to longtime chairman and chief executive John F. Welch Jr.

Immelt, 44 years old, was introduced to GE officials on Monday. Welch, who was originally scheduled to retire next April, plans to stay as long as another year from now to see through GE’s recent agreement to acquire Honeywell International Inc.

His selection ends a long, intense and secretive succession process inside GE. Welch, who has run GE for 20 years, has become a modern-day icon while building GE, a far-reaching conglomerate, into the world’s largest company as measured by market capitalisation.

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Immelt beat out two finalists who have been vying for the post intensely this year. The other two included Robert L Nardell, head of GE Power Systems, and W James McNerney Jr, who runs GE Aircraft Engines. Insiders expect both to leave the company for other jobs.

At GE Medical Systems, based in Waukesha, Wis., Immelt was known for his technical know-how and international expansion of the business. An 18-year GE veteran, he also has long been a personal favorite of Welch. He also has worked at GE Plastics and GE Appliances.

GE, based in Fairfield, Conn., makes and markets everything from aircraft engines and refrigerators to credit cards and power generators.