John Flannery will take over as CEO of General Electric Co. effective Aug. 1, vacating his current position as CEO of GE Healthcare.
Flannery will be replaced by Kieran Murphy, who is currently president and CEO of GE Healthcare Life Sciences. Murphy will take the helm when Flannery leaves his post this summer.
Flannery, 55, joined GE Capital about three decades ago and led the company's equity business in Latin America, as well as general GE Capital business in Argentina and Chile. He has been credited with the turnaround of the company's healthcare division, increasing organic revenue by 5 percent and margins by 100 basis points in 2016.
He replaces Jeff Immelt, 61, who will remain onboard as chairman through his retirement on Dec. 31. Flannery will take over as chairman following Immelt's departure.
As of Monday morning, GE's shares were up 2.6 percent.
In early 2016, GE Healthcare moved its global headquarters from the United Kingdom to Chicago, a move that bucked corporate trends; most companies at that time had been relocating overseas in tax-saving inversion deals that were discouraged the U.S. Treasury Department.
Twitter: @JELagasse