Jeff Immelt retires from GE's board earlier than expected

Jeffrey Immelt has stepped down from General Electric's board earlier than expected, a release from the company said on Monday.

"Jeffrey R. Immelt retired as a director and Chairman of General Electric Company's Board of Directors (the 'GE Board') in light of Mr. Immelt's determination that the CEO transition has proceeded smoothly and that John L. Flannery, Chief Executive Officer, director and Chair-Elect, was ready to succeed Mr. Immelt as Chairman of the Board," the release said.

"The Board concurred and elected Mr. Flannery as Chairman of the Board effective October 2, 2017."

Immelt announced his retirement as GE's CEO in June, but at the time said he was going to remain as the chairman through December 31.

GE shares gained more than 300% during Immelt's tenure as CEO from March 9, 2009 through June 12, 2017.

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