(Reuters) - U.S. industrial conglomerate General Electric Co (GE.N) nominated top aviation and industrial executives and an accounting expert to its streamlined board of directors on Monday as it takes aim at further restructuring.
The nomination of Leslie F. Seidman, a former chairman of the Financial Accounting Standards Board, came after GE unveiled a $6 billion charge related to its insurance businesses and, on Friday, said it would restate results for 2016 and 2017 because of accounting changes.
The other two appointees are Thomas Horton, who oversaw the restructuring and merger of American Airlines with US Airways, and Lawrence Culp Jr., who as former CEO of Danaher Corp transformed the company from a manufacturer into a science and technology firm.
Chief Executive John Flannery has promised to revamp GE into a leaner company by exiting several businesses and the company has already announced a series of cut jobs to lower costs that have dented profits and disappointed investors.
The new board, which should be confirmed at a shareholders meeting in April, will have 12 directors, down from the previous 18, in line with Flannery’s plan to reduce its size.
Horton, also a director at Walmart, was chief financial officer at AT&T when it combined with fellow telecoms Cingular and SBC in 2005, and is currently at the forefront of merger negotiations between chipmakers Broadcom Ltd (AVGO.O) and Qualcomm Inc (QCOM.O).
“We are adding proven world-class expertise in capital allocation, aviation, accounting and financial reporting,” GE Lead Director Jack Brennan said.
Nine of the company’s directors will stand for re-election including major shareholder Trian Fund Management’s Edward Garden, who was appointed to GE’s board in October.
GE’s stock fell 45 percent last year and is down another 17 percent so far in 2018.
Reporting by Arunima Banerjee in Bengaluru; Editing by Sai Sachin Ravikumar