Barclays says GE's Immelt may quit in CEO exodus

General Electric Co's Jeffrey Immelt, chairman and chief executive officer since 2001, may step down within the next year as investors seek change at the industrial giant, according to Barclays Plc.

Chief Financial Officer Jeff Bornstein, 49, could be the front-runner to succeed the 59-year-old Immelt after proving effective in cutting costs and improving earnings quality, according to a report from Barclays's Scott Davis, who is based in New York.

"Though CEO Jeff Immelt has arguably had a good run since the near collapse in 2008-2009, most investors are ready for a change at the top now," said Davis, who rates GE as overweight. Bornstein, he said, is seen as "a general breath of fresh air from the usual GE PR machine".