General Electric Co on Monday named veteran insider John Flannery as its next chief executive, taking over from Jeff Immelt who is stepping aside after 16 years as the head of the conglomerate he helped steer through the financial crisis but is now worth a third less than when he took over.

Under Immelt, GE sold off its finance, broadcasting, appliances and other units in order to focus on higher-margin service and software-related businesses and cut costs, but it failed to deliver profit growth as fast as some investors hoped.

GE said John Flannery, a 55-year-old who joined the company 30 years ago and is now the head of its healthcare unit, will replace Immelt as CEO, effective Aug. 1, and as chairman after Immelt retires on Dec. 31.

“I want to start with a fresh look around the company overall and I think with a sense of urgency,” Flannery said in a presentation broadcast live on Facebook. “There’s so many things we do well and have always done well and there’s clearly some areas we need to improve on and improve on quickly. No one’s happy with the stock price right now or some of the cash pictures that we have had.”