Economy

Trian Takes Board Seat at General Electric

The surprise move comes one day before shareholders at consumer products company Procter & Gamble Co will decide whether to elect Trian Chief Executive Nelson Peltz to its board. CEO Robert Lane, who is retiring from GE's board after 12 years, the company said Monday. The stock was the biggest percentage decliner in the Dow Jones Industrial Average, with the price decline of 69 cents shaving about 5 points off the price of the Dow, which was down 1 point. Immelt chose to resign after coming to a conclusion that the CEO transition has proceeded smoothly and that CEO John Flannery was ready to succeed as Chairman of the Board. They were down 3 percent in Monday morning trading.

"We. 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, the lead independent director on GE's board. Flannery has replaced GE's CFO Jeffrey Bornstein with Jamie Miller.

General Electric (GE), a USA industrial conglomerate, has named its new Chief Financial Officer (CFO) as Jamie Miller, the previous head of the company's transportation unit.

After discussions with Trian, GE in March set a $2 billion cost-reduction target and linked the bonuses of its senior management to meeting profit-related goals.

He serves on The Bank of New York Mellon Corp. board, and he formerly held board seats with Wendy's and Family Dollar Stores. Garden is also a board member of Pentair Plc.



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