General Electric (NYSE: GE)announced on Monday the company’s slate of director candidates for the 2018 annual meeting of shareowners. The new Board of Directors will consist of 12 directors, including three new candidates as part of its new reduced board size.
GE shares were trading 3.3 percent lower after the opening bell on Monday.
Current GE CEO, John Flannery, has made his mission to turnaround the company after reporting constant quarters of declining sales. The company has been trying to cut expenses as well as attempting to turn other segments of the company profitable.
The three new candidates will include Lawrence Culp Jr.; CEO and President of Danaher Corporation, Thomas Horton; CEO of American Airlines Leslie Seidman; Chairman of the Financial Accounting Standards Board (FASB).
Culp Jr., as former CEO of Danaher was able to transform the company from a manufacturer into a science and technology firm through acquisitions and dispositions under his reign. Horton oversaw restructuring and merger of American Airlines with U.S. Airways.
Seidman joined as a nomination following GE’s $6 billion charge related to its insurance business, and said it would restate years of earning results for 2016 and 2017 as the company said it will adopt a new accounting standard.
GE is adopting a new standard as the Securities and Exchange Commission investigate the company over its accounting for long-term service contracts and as the company sells off billions of dollars worth of its assets, reported by The Financial Times.
“The 2018 board slate aligns the Board with the future of the Company,” said GE Lead Director Jack Brennan, “The new Board is unified in its mission to work with John Flannery and GE’s senior leadership team to drive the Company’s focus on superior performance and to maximize the long-term value of GE’s world-class businesses for our shareowners.”
Nine of GE’s current directors will run for reelection current CEO Flannery and major shareholder Edward Garden.
GE shares has fallen 53.6 percent year over year.