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GE names successor to Welch

Monday, Nov. 27, 2000 | 11 a.m.

HARTFORD, Conn. -- General Electric Co. said today it chose Jeffrey Immelt, currently the head of the company's medical systems division, to succeed Jack Welch as GE's chairman and chief executive.

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 plans to retire at 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.

Immelt replaces an executive who has become the poster boy for American capitalism. With his relentless focus on profit and market share, Welch transformed GE from a basic manufacturer into a worldwide powerhouse in the service sector and technology. His management methods have been dissected by corporate managers and studied by business schools.

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