General Electric on Monday announced a leadership change on Monday, naming John Flannery as its new CEO.
Flannery is currently president and CEO of GE Healthcare, where he has expanded the unit into life sciences and cell therapy systems and boosted the unit's organic revenue by 5%.
He replaces longtime CEO Jeffrey Immelt and will move into the new role on Aug. 1. Flannery will also serve as chairman of the company starting Jan. 1, 2018.
Flannery said in a Facebook broadcast that GE is "just scratching the surface of what we can do in that business," and he plans to present recommendations on the company's overall business later this year.
Flannery, 55, first came to GE in 1987, when he worked for GE Capital on risk evaluation and leveraged buyouts. He then headed GE's Equity business in Latin America and, after that, the Asia Pacific region for GE Capital. He later led business development for GE Corporate, including the acquisition of Alstom.
In 2014, despite minimal healthcare experience, Flannery became president and CEO of GE Healthcare. In that role, Flannery created the unit's Sustainable Healthcare Solutions, which introduces new technologies to providers in emerging markets. During Flannery's time at the helm of GE Healthcare, the unit has partnered with hospitals to develop its technology, including artificial intelligence for medical imaging.