General Electric seeks board shakeup
General Electric has tapped two former industry executives and an accounting expert to join its board as part of an effort to overhaul its business and reinforce the confidence of investors, reports Reuters. The board changes, which also include a cut from the current 18 to 12 members, will be voted on by shareholders at a meeting in April.
The nominees are Leslie Seidman, former Vice President at JPMorgan and chairman of the Financial Accounting Standards Board; Thomas Horton, former head of American Airlines, and Lawrence Culp Jr., former CEO of Danaher Corp.
Correction: This article has been updated to remove incorrect reporting on the timing of the board shakeup, as well as a reference to share prices that incorrectly labeled a GE disclosure as a Justice Department announcement. We regret the errors.