GE Elects Ed Garden of Trian Partners to Board of Directors
October 09 2017 - 6:30AM
Business Wire
GE (NYSE: GE) today announced that its Board of Directors has
elected Ed Garden, Chief Investment Officer and a Founding Partner
of Trian Fund Management, L.P., to the GE Board effective as of
October 9. Mr. Garden will replace Robert Lane, who is retiring
from the Board after 12 years of service.
“GE has a diverse and independent board, and we value the wide
range of expertise and perspectives that all of our directors
bring. We have maintained an active and constructive dialogue with
Trian since they became a shareowner in 2015, as we do with all
large investors. As GE continues to evolve as a company and address
the challenges and opportunities that lie ahead, we also see a
chance to evolve as a Board and believe that, based on his track
record as a director at other companies, Ed will be able to make
significant contributions to GE,” said Jack Brennan, lead
independent director for GE’s Board of Directors.
“Over the last 90 days, I’ve met with numerous investors and I
value their input and views,” said John Flannery, Chairman and CEO
of GE. “Our focus is on delivering for customers, world class
operational excellence, integrity, accountability and driving
results that will increase shareholder value. I look forward to
working with Ed Garden and the entire Board to execute our strategy
and drive long-term value for shareholders.”
“Like other GE shareholders, I am disappointed by the recent
performance of GE’s stock. But I continue to believe that GE
represents an attractive long-term investment opportunity with
significant upside. We will remain focused on enhancing long-term
value for GE shareholders. I have been impressed by John Flannery
and I am excited to work with John and the rest of the Board in the
same way that I’ve worked at other companies where I’ve been
invited to join the board — collaboratively and with the common
goal of driving long-term value for all shareholders,” said Mr.
Garden.
Mr. Garden is Chief Investment Officer and a Founding Partner of
Trian. Mr. Garden oversees Trian’s portfolio management, idea
generation, analyses and due diligence activities. Mr. Garden is
currently a director of The Bank of New York Mellon Corporation,
where he is chairman of its Human Resources and Compensation
Committee, and is a director of Pentair plc. Mr. Garden previously
served as a director of The Wendy’s Company from December 2004 to
December 2015 and Family Dollar Stores, Inc. from September 2011 to
July 2015.
About GE
GE (NYSE:GE) is the world’s Digital Industrial Company,
transforming industry with software-defined machines and solutions
that are connected, responsive and predictive. GE is organized
around a global exchange of knowledge, the "GE Store," through
which each business shares and accesses the same technology,
markets, structure and intellect. Each invention further fuels
innovation and application across our industrial sectors. With
people, services, technology and scale, GE delivers better outcomes
for customers by speaking the language of industry. www.ge.com
GE’s Investor Relations website at www.ge.com/investor and our
corporate blog at www.gereports.com and @GE_Reports on Twitter, as
well as GE’s Facebook page and Twitter accounts, contain a
significant amount of information about GE, including financial and
other information for investors. GE encourages investors to visit
these websites from time to time, as information is updated and new
information is posted.
About Trian Fund Management, L.P.
Founded in 2005 by Nelson Peltz, Ed Garden and Peter May, Trian
seeks to invest in high quality but undervalued public companies
and to work constructively with the management and boards of those
companies to significantly enhance shareholder value for all
shareholders through a combination of improved operational
execution, strategic redirection, more efficient capital allocation
and increased focus.
Caution Concerning Forward-Looking Statements
This document contains "forward-looking statements" – that is,
statements related to future events that by their nature address
matters that are, to different degrees, uncertain. For details on
the uncertainties that may cause our actual future results to be
materially different than those expressed in our forward-looking
statements, see
http://www.ge.com/investor-relations/disclaimer-caution-concerning-forward-looking-statements
as well as our annual reports on Form 10-K and quarterly reports on
Form 10-Q. We do not undertake to update our forward-looking
statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20171009005427/en/
GE Investor Contact:Matt Cribbins,
617-443-3400matthewg.cribbins@ge.comorGE Media
Contact:Jennifer Erickson,
646-682-5620jennifer.erickson@ge.comorTrian Media/Investor
Contact:Anne Tarbell,
212-451-3030atarbell@trianpartners.com
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