General Electric Co. is nominating a top financial accounting leader and two former industrial bosses for its board as the manufacturer reshapes its director ranks.
Leslie Seidman, the former chairman of the Financial Accounting Standards Board, would join ex-Danaher Corp. Chief Executive Officer Larry Culp and former American Airlines CEO Thomas Horton as directors, GE said Monday in a statement. The company also announced departures from the board as part of a previously announced plan to reduce the oversight council to 12 members.
As part of the board changes, current directors Marijn Dekkers, Susan Hockfield, Peter Henry, Andrea Jung, Steve Mollenkopf, Shelly Lazarus, Jim Rohr and Mary Schapiro will not stand for re-election, GE said.
Among those remaining are lead director Jack Brennan and Ed Garden, a representative of activist shareholder Trian Fund Management, who was appointed late last year. Brennan will help facilitate the transition and won’t stand for re-election in 2019, GE said. In remaking the board, the company said it considered industry experience and capital allocation expertise among other factors.
GE’s annual shareholder meeting is scheduled for April 25.
Director | Status |
---|---|
Lawrence Culp | New |
Thomas Horton | New |
Leslie Seidman | New |
Sébastien Bazin | Returning |
W. Geoffrey Beattie | Returning |
John Brennan | Returning |
Francisco D’Souza | Returning |
John Flannery | Returning |
Ed Garden | Returning |
Risa Lavizzo-Mourey | Returning |
James Mulva | Returning |
James Tisch | Returning |
Marijn Dekkers | Departing |
Susan Hockfield | Departing |
Peter Henry | Departing |
Andrea Jung | Departing |
Steve Mollenkopf | Departing |
Shelly Lazarus | Departing |
Jim Rohr | Departing |
Mary Schapiro | Departing |