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UPDATE 1-GE names John Flannery chief executive

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June 12 (Reuters) - General Electric Co named John Flannery chief executive of the company as part of a succession plan.

Flannery would be CEO of the company effective August 1 and chairman effective Jan. 1, GE said.

Current CEO Jeff Immelt would remain chairman of the board through Dec. 31, according to the statement.

Flannery, 55, who is currently president and CEO of GE Healthcare, started working with GE Capital about three decades ago. He has led GE's equity business in Latin America and the overall GE Capital business for Argentina and Chile.

Flannery has led the turnaround of GE Healthcare, increasing organic revenue by 5 percent and margins by 100 basis points in 2016, GE said.

GE's shares were up 2.7 percent in premarket trading. (Reporting by Arunima Banerjee in Bengaluru; Editing by Shounak Dasgupta)