(Bloomberg) -- General Electric Co.’s Jeffrey Immelt cut his ties with the company about three months ahead of schedule, retiring as chairman and leaving the board.

John Flannery, who took over as chief executive officer from Immelt in August, was elected chairman, GE said in a statement Monday. Immelt left after determining “that the CEO transition has proceeded smoothly,” said the maker of jet engines, gas turbines and ultrasound machines.

The shift accelerates GE’s leadership transition as Flannery, under pressure from activist shareholder Trian Fund Management, seeks to reverse this year’s biggest stock drop on the Dow Jones Industrial Average. Under the new boss, GE has said it will sell its fleet of corporate jets and unload its industrial-products operation to ABB Ltd. Flannery is expected to outline his plans for GE’s portfolio of businesses next month.

Immelt, 61, had been expected to step down as chairman of GE at the end of the year. He also departed as chairman of Baker Hughes, a GE company. The provider of oilfield equipment and services named CEO Lorenzo Simonelli as chairman. Baker Hughes elected Geoffrey Beattie as lead independent director.

GE climbed less than 1 percent to $24.66 after the close of regular trading in New York. The shares have tumbled 22 percent this year.

Immelt pulled himself out of consideration for the top job at Uber Technologies Inc. in late August.

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