General Electric’s long-time chief executive and chairman Jeff Immelt is retiring.

The 61-year old, who took over the top spot from Jack Welch in 2001, has been credited with guiding the massive conglomerate through the financial crisis and turbulent markets in the years that followed.

He will be replaced as CEO by John Flannery, the head of GE healthcare, on 1 August and as chairman by Mr Flannery on 31 December.

During his tenure, Mr Immelt oversaw the restructuring of the company’s GE Capital unit and steered the group as it shifted its focus from finance to manufacturing. GE returned $143bn to investors in dividends while Mr Immelt was CEO, which is more than in the entire prior history of the company.

In a press release on Monday, the group said that the leadership announcements are the result of a succession plan that had been run by the company’s board of directors since 2011.

Mr Flannery, 55, began his career at GE Capital in 1987 where he focused on evaluating risk for leveraged buy-outs. He later moved to Argentina where he led GE’s equity business in Latin America and the overall GE Capital business for Argentina and Chile.