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General Electric board shake-up continues

Ed Garden, a founding partner and chief investment officer of activist investment firm Trian Fund Management, has joined the board
Board room
With a 1% stake, Trian has won representation on the board

Industrial holding company General Electic Company (NYSE:GE) continues to make changes to its board, including the election of an activist investor.

It was announced after the close of trading on Friday that chief financial officer Jeff Bornstein would leave the company at the end of the year, along with Beth Comstock, the head of marketing efforts, and John Rice, vice-chairman.

On Monday, GE said Ed Garden, a founding partner and chief investment officer of activist investment firm Trian Fund Management, would join the board of directors, replacing Robert Lane, who is retiring because of health reasons.

Trian has a stake of around 1% in GE and has been badgering the company to pep-up the bottom line.

“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,” Garden said.

The rush of changes to the senior management team came after Jeff Immelt stepped aside at the start of August to be succeeded by John Flannery.

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