General Electric says Jeff Immelt is stepping down as CEO.
John Flannery, president and CEO of the conglomerate's health care unit, will take over the post in August.
The 61-year-old Immelt will stay on as chairman until his retirement from the position at the end of the year, with the 55-year-old Flannery stepping into the role after that.
In addition, Chief Financial Officer Jeff Bornstein was named vice chair.
GE said Monday that the moves were part of its succession plan.
GE was headquartered in Fairfield for 40 years, employing 800 people, but moved to Boston.
Shares of General Electric Co. climbed more than 2 percent in premarket trading.
“John is the right person to lead GE today. He has broad experience across multiple businesses, cycles and geographies. He has a track record of success and led one of our most essential businesses. Most important are his strong leadership traits - good judgment, resilience, a learner, team builder and a tough-minded individual and competitor. He will be trusted by investors, our customers and the GE team,” Immelt said in a statement.