Out with the old. In with the new. That’s what drove General Electric Company (NYSE:GE) shares up nearly 4% in trading on Monday, taking GE stock above its 50-day moving average for the first time since late April to end an acute three-month selloff.

This is also the best-looking rally for GE since it peaked back in December at $31.75 leading to a 15% decline into the low set in May.

Watch for a run at the 200-day moving average ahead of a retest of overhead resistance near $30.50, which would be worth a 5% move from here.

Shares are moving after John Flannery was named chairman and CEO. Jeff Immelt is set to retire at the end of the year. The reins will be handed over on Aug. 1, marking an end to Immelt’s 16-year tenure.

The move comes amid rising pressure from activist investor Trian Fund Management for operational changes to boost share price performance — which has languished since late 2015 and remains below the all-time high of $35.83 set in 2000. Former CEO Jack Welch retired in 2001.

Flannery is a 30-year veteran of the company who managed a profitable turnaround at GE’s healthcare unit.

Bottom Line on GE Stock

As GE’s share price languished, Immelt came under pressure for cutting the dividend in 2009, paying large sums for acquisitions and dumping the financial services business that was responsible for roughly half of the company’s top-line sales at one point.

The company will next report results on July 21 before the bell. Analysts are looking for earnings of 25 cents per share on revenues of $29.18 billion. Back on April 21, the company reported better-than-expected earnings of 21 cents per share (vs. 17 cents expected) despite a 0.7% drop in year-over-year revenue.

Anthony Mirhaydari is founder of the Edge (ETFs) and Edge Pro (Options) investment advisory newsletters. Free two- and four-week trial offers have been extended to InvestorPlace readers.