GE’s titan of industry steps down: Jeff Immelt is stepping down as chairman and CEO of General Electric (GE), following mounting pressure from activist investor Trian Fund Management for operational changes, Bloomberg reports. John Flannery, a 30-year company veteran who oversaw a jump in profits at the health-care unit, was chosen to replace Immelt. His 16-year tenure at the helm of GE saw the company shed its volatile GE Capital business, the USD 10 bn acquisition of Alstom SA’s energy business, and refocused the company as an industrial manufacturer. GE’s long term earnings struggles, however, cast serious doubts among investors including Trian. GE’s stock rose 3.6% on the back of the announcement, its biggest one-day gain since 2015. Flannery is said he would scrutinize the performance of GE’s portfolio, something much needed, said Barclays Plc analyst Scott Davis.

REAX: The Financial Times has an interview with Immelt looking back at his career and featuring the advice the outgoing GE chief says he gave Flannery. Both the WSJ and the New York Times note that activist investor Trian Fund Management had nothing to do with Immelt’s decision to step down now. The Wall Street Journal’s solid take on the story includes a rundown on the succession process. On the short list was Steve Bolze, a familiar face to some Enterprise readers from his time at the company’s power business and, previously, GE Healthcare. The reaction here at Enterprise was somewhat different: At least one of us remembers reading in near-real time the handover from Jack Welch to Immelt back in 2000-01, so we’re simply feeling old.