General Electric (NYSE: GE) announced Monday that Jeffrey Immelt retired as director and chairman of the company's board of directors, about two months earlier than expected.
In June, GE said Immelt would retire from the board at the end of December.
The board elected John L. Flannery, who became CEO of the company in June, to the chairman position effective Monday.
Immelt also retired as a director and chairman of the board of Baker Hughes, which completed its combination with GE Oil & Gas in July.
One analyst at a ratings firm which covers GE said the news that Immelt is leaving earlier as chairman isn't significant given the reins of the company have already have essentially passed to Flannery, a 30-year veteran of the company.
The analyst said he expected Flannery will keep the focus on cutting out costs and spending "while they figure out what they want to be when they grow up."
Under Immelt, GE transformed from a far-flung conglomerate to an industrial company focused on the faster-growing industrial and power sectors. The company under his watch also sold or spun off major businesses, including appliances, insurance and plastics, as well as NBC Universal, among others.
General Electric stock began trading Tuesday down 19 cents from Monday’s close at $24.37, within a 52-week trading range of $23.58 to $32.38.
