Re: Commentary on - GE chief John Welch to retire in April 2001:
By Derek Caney
NEW YORK, Nov 2 (Reuters) - John Welch, who transformed General Electric Co.(NYSE:GE - news) into an international conglomerate with interests ranging from network television to plastics to aircraft engines, will retire in April 2001 after 20 years at the helm of the industrial giant, the company said.
Welch, 63, plans to step down after GE's (NYSE:GE - news) annual meeting in 2001. There had been speculation on Wall Street that he would leave at the end of 2000.
GE plans to name a successor and a corporate leadership team at the end of 2000, Welch told CNBC late on Monday.
''Most people thought he would step down at the end of 2000,'' said Russell Leavitt, an analyst with Banc of America. ''But if (a successor) is picked at the end of 2000, there will be some overlap, which could be a good thing for the company.''
Analysts said possible successors include Jeffrey Immelt, president and chief executive of GE's medical systems unit; James McNerney, president and chief executive of the company's aircraft engines unit; and Bob Nardelli, president and chief executive of its power systems unit.
''There's a list of about three to five people that are possible successors,'' said Bill Fiala, an analyst with Edward Jones.
Welch, who on Monday was named Fortune magazine's ''Manager of the Century,'' has headed GE since 1981. He is the eighth man to hold the posts of chairman and chief executive since GE was created 107 years ago by the merger of Thomas Edison's light company and Thomson-Houston Electric Co.
Today, GE's businesses include the NBC media company led by its flagship television network, household appliances, aircraft engines, lighting, capital services and plastics. GE, with more than 292,000 employees, operates in over 100 countries.
The company reported its second consecutive record quarterly profit in the third quarter, ended Sept. 30. For the first nine months of the year, it posted a profit of $7.6 billion on revenues of $78.8 billion.
GE shares were up 2-3/4 at 132-1/4 at midday on the New York Stock Exchange. The shares fell 4.5 percent on Monday from an all-time high of 136-3/16 at Friday's close.
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