Jun 12, 2017

Jeff Immelt to step down as CEO of GE

Steven Senne / AP

GE Chairman and CEO Jeff Immelt, who replaced Jack Welch in 2001 and steered GE through the financial crisis, is stepping down. He'll be replaced as CEO on August 1, and will retire as chairman of the board at the end of the year.

His replacement: John Flannery, who runs GE healthcare.

The backstory, from Axios' Dan Primack: Consider this one a win for activist investor Nelson Peltz, with whom Immelt has been feuding for months. There even had been some March reports that the Peltz pressure could cause Immelt to retire early, although the longtime CEO seemed to counter such suggestions recently by shelling out $2.8 million for new GE shares after the stock tumbled on an analyst report.

On the other hand: GE is pushing back against the Peltz narrative, saying that its board set a summer 2017 as the time for a CEO succession all the way back in 2013.

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Biden formally secures Democratic presidential nomination

Joe Biden speaks at Delaware State University's student cente on June 5. Photo: Jim Watson/AFP via Getty Images

Former Vice President Joe Biden became the formal Democratic presidential nominee on Friday evening, per AP.

The big picture: Biden has been the presumptive frontrunner to take on President Trump since Sen. Bernie Sanders suspended his campaign in early April.

Updated 8 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 6,724.516 — Total deaths: 394,018 — Total recoveries — 2,996,832Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 1,894,753 — Total deaths: 109,042 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: WHCA president says White House violated social-distancing guidelines to make reporters "a prop" — Jailing practices contribute to spread.
  4. Sports: How coronavirus could reshuffle the sports calendar.
  5. Jobs: Better-than-expected jobs report boosts stock market.
  6. Media: The Athletic lays off 8% of staff, implements company-wide pay cut.

Scoop: German foreign minister to travel to Israel with warning on annexation

Heiko Maas. Photo: Michael Kappeler/picture alliance via Getty Images

German Foreign Minister Heiko Maas is expected to travel to Israel next week to warn that there will be consequences if Israeli leaders move forward with plans to annex parts of the West Bank, Israeli officials and European diplomats tell me.

Why it matters: Israeli and European officials agree that if Israel goes ahead with unilateral annexation, the EU will respond with sanctions.