Jeff Immelt will step down as CEO of GE on Aug. 1.

He will be replaced by John Flannery, current President and CEO of GE Healthcare, who will also become Chairman of the Board when Immelt retires from the company on Dec. 31, 2017.

The company says the timing of the succession was determined by the board in 2013. But it’s worth noting that when Immelt took over the job in 2001, there was talk that he would hold it for 20 years. Immelt has massively transformed the company during his tenure, but has struggled to deliver returns to shareholders. You can hear what Immelt (“the bionic manager,” as we once dubbed him) believes his successor needs to be prepared for in this recent video interview with Fortune’s Susie Gharib.