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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Coronavirus spreads to more countries, and U.S. ups its case count

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus continues to spread to more nations, and the U.S. reports a doubling of its confirmed cases to 34 — while noting those are mostly due to repatriated citizens, emphasizing there's no "community spread" yet in the U.S. Meanwhile, Italy reported its first virus-related death on Friday.

The big picture: COVID-19 has now killed at least 2,359 people and infected more than 77,000 others, mostly in mainland China. New countries to announce infections recently include Israel, Lebanon and Iran.

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Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.