General Electric (GE) has announced that Jeff Immelt will retire from the US industrial giant after 16 years as chairman and chief executive.
Mr Immelt will leave on 31 December and will be replaced by John Flannery.
In keeping with the company's tradition, Mr Flannery has been promoted from within GE where he was most recently in charge of healthcare.
Mr Immelt has been with the business for 35 years and took over its running from Jack Welch in 2001.
The company said that the changes "are the result of a succession plan that has been run by the GE board of directors since 2011".