One of the kings of cronyism gets axed

Jeff Immelt is gone from the head of GE. 

Immelt rode the “green rush” for what it was worth and “successfully” engineered a bailout of his company before that. Even still,  GE’s stock has underperformed for years. (Though it has done better since jettisoning Genworth.)

Times (and markets) change and so do CEOs.

(From CNBC)

Jeff Immelt’s leadership at General Electric has been “an unmitigated disaster for shareholders,” Barclays managing director Scott Davis said Monday on CNBC’s “Squawk Box.”

The company announced early Monday that the CEO will be stepping down, and John Flannery, current president and CEO of GE Healthcare, has been named chief executive of the company, effective Aug. 1.

“We’ve been long calling for an AT&T-style breakup of GE, and we would expect the new CEO to consider something down that path,” Davis said.

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