(Adds GE comment)
April 15 General Electric Co's Chief
Executive Jeff Immelt may step down sooner than his expected
20-year tenure, the Wall Street Journal reported, citing people
familiar with the company's thinking.
Immelt, who has been at the helm of the industrial
conglomerate since 2001, has led several board discussions about
shortening the expected tenure for GE's next chief executive to
between 10 and 15 years, the Journal said. (r.reuters.com/xek58v)
Among the leading candidates identified to succeed Immelt
are Lorenzo Simonelli, who took over the leadership of GE's oil
and gas unit last year; and Steve Bolze, who leads power and
water, GE's biggest unit, the newspaper said.
GE spokesman Gary Sheffer said the company does not comment
on speculations. "The GE board routinely discusses succession
planning, which is a key part of its responsibilities," he said
in an email response to Reuters.
The company said last month Immelt holds 1.96 million of GE
shares. The CEO is the largest insider stakeholder, according to
Thomson Reuters data, though his stake trails far behind those
of the large institutional holders of GE stock.
(Reporting by Supriya Kurane in Bangalore; Editing by Gopakumar