General Electric's Jeff Immelt quits as CEO after 16 years
General Electric has said Jeff Immelt will step down as Chairman and CEO on August 1, ending a 16-year run atop the conglomerate that he reshaped after the financial crisis. GE has named health-care head John Flannery as its new head. Notably, Immelt had been under pressure amid a slide in GEâs stock to the lowest level in a year-and-a-half. 