GE Names Immelt To Replace Welch As CEO

ByBridgeNews General Electric Co. has chosen Jeffrey Immelt, currently the head of the company's medical systems division, to succeed Jack Welch as GE's chairman and CEO. The announcement confirmed expectations on Wall Street that Immelt, 44, would take over from Welch, one of the world's highest-profile business executives, who recently said he was delaying his retirement to the end of 2001. Immelt was made president and chairman-elect of New York-based GE, effective immediately, and was elected to the board of directors.