The General Electric Co., Fairfield, Conn., a services, technology, and manufacturing company, announced that its board of directors named Jeffery R. Immelt president and chairman-elect, effective immediately. Immelt will succeed John F. Welch, GE's chairman and CEO, when Welch retires at the end of 2001. Immelt, who has most recently been president and CEO of GE Medical Systems, was elected to the GE board of directors and will serve as a member of the Corporate Executive Office, along with Welch and vice chairmen Dennis Dammerman and Robert Wright. Immelt began his GE career in 1982. Durable goods orders fall.
Consumer confidence falls.
Microsoft denies monopoly, files appeal. Third-quarter growth slowest in four years. Intellution introduces iDownTime. GE names president and chairman-elect. SmarTeam unveils SmartInventor.