General Electric Co (NYSE:GE) has announced its new list of candidates for its board for the 2018 annual shareholder meeting and said that the size of the board will be slashed by nearly a third to 12 directors from the current 17.
In a statement, the company said its three new candidates are: H Lawrence Culp Jr, the former CEO and president of Danaher Corp, and senior advisor to Bain Capital Private Equity; Thomas W Horton, the former chairman and CEO of American Airlines and Leslie F Seidman, the former chairman of the Financial Accounting Standards Board.
READ: General Electric Co. unveils plans to cut 12,000 jobs globally in its power business
The nine incumbent directors standing for re-election are: Sébastien M. Bazin, W. Geoffrey Beattie, John J. Brennan, Francisco D'Souza, John L. Flannery, Edward P. Garden, Risa Lavizzo-Mourey, James J. Mulva and James S. Tisch.
John Brennan will remain as lead director to facilitate the transition to a new lead director and will not stand for re-election in 2019, the company statement said.
The directors who will not stand for re-election are: Marijn Dekkers, Susan Hockfield, Peter Henry, Andrea Jung, Steve Mollenkopf, Shelly Lazarus, Jim Rohr and Mary Schapiro.
"The 2018 board slate aligns the board with the future of the company. The smaller Board will also help to promote the heightened engagement and sense of accountability that we want to drive at every level of the Company.” Brennan said.
In pre-market trading, GE shares were nudging 0.14% higher at US$14.49