General Electric said John Flannery is stepping down as its chairman and chief executive, naming H. Lawrence Culp Jr. as his successor, effective immediately.
Mr. Culp was approved to the role in a unanimous vote by the company’s board of directors. Mr. Culp has served as the chief executive of Danaher Corp. for 14 years.
Meanwhile Pfizer's Ian Read will step down at year-end, to be replaced at CEO by deputy Albert Bourla. Mr Read is said to be remaining as Chairman indefinitely.
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