Jeff Immelt

NEW YORK — General Electric’s Jeff Immelt is stepping down after 16 years as CEO of the iconic conglomerate, having succeeded in repositioning the company as a producer of large industrial products but failing to fully revive its lagging stock price.

John Flannery, president and CEO of the GE’s health care unit, will take over as CEO in August.

Immelt took the helm in 2001 from legendary CEO Jack Welch. After the financial crisis, he sharply pared down the financial services business that Welch had built up and went on a spending spree to acquire businesses in the power and oil and gas sectors. During his tenure Immelt also disposed of GE’s appliance unit and the NBC TV business.

The 61-year-old Immelt will stay on as chairman until his retirement from the position at the end of the year, with the 55-year-old Flannery stepping into the role after that.

GE traces its roots to 1878, when Thomas Edison formed the Edison Electric Light Co. in New York City after having opened his famous laboratory in Menlo Park, N.J. The next year, Edison invented the first successful incandescent electric lamp.

Recent reports say GE is considering selling the lighting business, which could fetch about $500 million.