WNPR

General Electric's Immelt To Step Down

Jun 12, 2017

The rumors have been confirmed: Jeff Immelt has announced he’s stepping down as CEO of General Electric, after 16 years in the top job. Immelt was the moving force behind the relocation of GE’s headquarters from Fairfield, Connecticut to Boston. 

The company still has thousands of employees in the Nutmeg State, most notably at GE Capital in Norwalk.

From August 1, the new man in the top job will be John Flannery, the current leader of GE Healthcare.

Immelt will remain as chairman until December, at which point Flannery will also assume that role. Immelt has been under pressure in recent months from investors over GE's stock market performance.

Insurance Rate Hearing

Health insurers offering plans on the state’s health care exchange will defend their request for hefty rate increases during a hearing later this week.

Anthem and ConnectiCare will participate in public hearings at the state’s Insurance Department Wednesday.

The public also gets a chance to comment on the requests.

Anthem has asked for a 33.8 percent increase on individual plans. ConnectiCare wants to see a 15.2 percent bump in premiums. Both have said that uncertainty over the future of the Affordable Care Act is one of the drivers behind the requested hike.

Keno Pays in Connecticut

As Connecticut appears to be on the brink of gaming expansion with the potential licensing of a third casino, the Hartford Business Journal reports that its last foray into more gambling appears to be paying off, at least in terms of revenue.

Keno, the controversial fast moving video bingo game, is performing ahead of schedule. In its first year of operation, it generated $70.1 million in revenue; of that, $13.6 million will go into the state's general fund.