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GE's Jeffrey Immelt Stepping Down

Published June 12, 2017 at 10:33 AM PDT

Jeffrey Immelt addresses a press conference in New Delhi on Sept. 21, 2015. (Sajjad Hussain/AFP/Getty Images)

General Electric announced Monday that its longtime CEO and chairman is stepping down. Jeffrey Immelt will retire and be replaced by GE Healthcare president and chief executive John Flannery.

Here & Now‘s Jeremy Hobson speaks with CBS News’ Jill Schlesinger (@jillonmoney), host of “Jill on Money” and the podcast “Better Off,” about what the move means for GE.