John Flannery. (GE)
John Flannery, the choice to replace Jeffrey Immelt as head of GE, is a corporate insider who has been with the company for years.
He is also an Allman Brothers fan who is a married father.
Flannery, 55, tweeted that it was an honor to take over as head of General Electric.
It is an honor to be named CEO of @generalelectric. Proud to follow the transformational leadership of @jeffimmelt
CNBC reported that Flannery “has been named CEO of the company, effective Aug. 1, and chairman effective Jan. 1, 2018.”
Here’s what you need to know:
1. Flannery Was Head of GE Healthcare & Was Described as a ‘Prolific Rainmaker’
John Flannery. (GE)
Flannery’s GE bio touts his leadership of the company’s healthcare wing.
“As President and CEO of GE Healthcare, Mr. Flannery led the turnaround of the $18 billion business. He increased organic revenue by 5 percent and margins by 100 bps in 2016. He positioned GE Healthcare for continued success with technology leadership in core imaging, created digital platforms and solutions, expanded Life Sciences through bioprocess solutions, and added key technology to its cell therapy systems business,” the bio says.
The bio added that Flannery “launched Sustainable Healthcare Solutions, which is focused on bringing disruptive technologies to healthcare providers across emerging markets.”
Bloomberg once described Flannery as “prolific rainmaker in his previous role as head of business development at General Electric Co., logging more than $26 billion in deals, yet acquisitions are far from his mind as chief executive of the U.S. conglomerate’s health-care unit.”
Fidelity described how Flannery once eschewed a PowerPoint at a lecture in front of 600 people. “At GE’s annual management retreat in Boca Raton, Fla., where the top leaders of the company meet and discuss the business, Mr. Flannery stunned the crowd by abandoning the standard PowerPoint in his 2015 presentation,” the site reported.
2. Flannery Went to College in Pennsylvania & Is the Son of a Bank President
(From L) US industrial conglomerate General Electric (GE) chief executive Jeffrey Immelt, Vice President, Corporate Business Development at GE, John Flannery and chairman of the Commission of Economic Affairs at the National Assembly, Francois Brottes, attend a hearing on May 27, 2014 at the National Asembly in Paris. (Getty)
According to his GE biography, Flannery “is a graduate of Fairfield University and holds an MBA from the Wharton School at the University of Pennsylvania.”
Flannery’s LinkedIn page lists only GE employment.
In a bio, Fidelity reported that Flannery was born in Alexandria, Va., and “lived there for the first 10 years of his life with his two older sisters. His father worked for the FDIC Corp.”
The family then moved to Connecticut.
“In 1971, Mr. Flannery moved to West Hartford, Conn., where his father was president of a small bank,” the website says. He went to Northwest Catholic High School, graduating in 1979.
“He graduated from Fairfield University before going to business school at the University of Pennsylvania,” according to Fidelity.
Flannery has spent most of his life living in Wilton, Connecticut.
3. Flannery Once Worked for GE in Argentina & Asia & Has Been With the Company Since 1987
John Flannery with Immelt. (Getty)
According to his company bio, Flannery once worked for GE’s operations in Argentina and Asia.
“Flannery, 55, began his career at GE Capital in 1987 where he focused on evaluating risk for leveraged buy-outs. In the 1990s, he was a leader in the corporate restructuring and workout group, where he was known for his negotiating skills and ability to improve companies’ operations. In 1997, he moved to Argentina where he successfully led GE’s Equity business in Latin America and the overall GE Capital business for Argentina and Chile,” the bio says.
In 2002, Flannery “became the President & CEO of GE Equity and was asked to lead the business through a difficult cycle,” says the company bio, which adds that he then moved to Asia for a time.
“In 2005, he moved to Asia where he was responsible for the Asia Pacific region for GE Capital and while there he grew earnings in Japan by 100 percent, in Korea by 30 percent and in Australia by 25 percent. In 2009, he moved to India to lead the country for GE. During his time in India, Mr. Flannery upgraded the leadership team, built the culture and focused on the industrial side of the business, where he increased industrial sales by 50 percent in 2011,” the bio says.
“In 2013, he was tapped to lead business development at GE Corporate where he focused on capital allocation for the company and led the acquisition of Alstom, the largest industrial acquisition in the company’s history. He also worked on shrinking GE Capital, the Synchrony Financial IPO, and the disposition of GE Appliances.”
4. Immelt, Who Left in a ‘Shakeup,’ Praised Flannery & Flannery Is an Allman Brothers Fan & Voracious Reader
Flannery and Immelt. (Getty)
Immelt is leaving GE as part of a “management shake-up,” CNBC reported. However, he had only kind words for his replacement.
“John is the right person to lead GE today,” Immelt said in a statement, according to CNBC. “He will be trusted by investors, our customers and the GE team.”
According to Fidelity, both Flannery and Immelt are Allman Brothers fans.
“Like Mr. Immelt, he is a devoted Allman Brothers fan going to some of the rock group’s final concerts. He is a voracious reader of fiction and nonfiction by authors including Atul Gawande and J.D. Vance,” the Fidelity bio says.
5. Flannery Is a Married Father of Three
Flannery and Immelt. (Getty)
John Flannery is married to wife, Tracy, and the couple has three children, a daughter, Morgan, and sons, Matthew and Tim, according to Boardroominsider.
Mr. John Flannery, CEO of GE India and his wife Tracy are hosting a fund raiser for LI at their home on October 14th. Thank you so much!
Flannery and his wife have hosted fundraisers for Literacy India at their home.
