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 Monday 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.”

Seth Martin, a spokesman for Fairfield, Connecticut-based GE, declined to comment.

Immelt took over at GE for Jack Welch, who had served in the top spot for two decades, four days before the Sept. 11 terrorist attacks. The shares have fallen 34 percent during Immelt’s tenure, while the S&P 500 Industrials index has doubled in that time.

Davis’s report on GE built on research he published in January predicting 2015 would be a year of transition for U.S. industrial chiefs. Industrial companies may face high turnover in the next few years as many long-tenured CEOs give way to a new generation, wrote Davis, who said, “it appears most CEOs struggle past year 10.”

United Technologies Corp., a GE competitor for sales of jet engines, underwent a surprise transition at the top in November when Louis Chenevert resigned. His successor was CFO Gregory Hayes. Parker Hannifin Corp., Danaher Corp. and Fastenal Co. also changed CEOs in the past six months.

Stock Buzz

GE fell less than 1 percent to $25.96 at 10:31 a.m. in New York. The shares rose 7.8 percent in the past month, closing Monday at the highest price since Dec. 3. There is a “buzz” around the stock at the prospect of change that could spur interest in GE, Davis said.

“Management changes down the road should help to get folks off the sidelines,” he said. “Change normally is a catalyst for a fresh look.”

GE is known to have a continuous succession planning process and typically grooms candidates for years, moving them through different roles.

Bornstein, who speaks alongside Immelt during quarterly earnings presentations, joined GE in 1989 and has held positions in the company’s jet-engine, plastics and finance divisions. He was appointed CFO in 2013.

Immelt has avoided questions about when he plans to retire. In an interview in October, the CEO said he was happy in his role and with the changes underway at the company.

“There will be a natural time to think about a transition, but for right now you’re stuck with me,” he said.