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GE names hedge fund Trian executive Ed Garden to board

GE names hedge fund Trian executive Ed Garden to board
From Reuters - October 9, 2017

(Reuters) - U.S. industrial conglomerate General Electric Co, which major shareholder Trian Fund Management has been pressuring to conduct a more thorough restructuring, appointed the hedge funds chief investment officer to its board on Monday.

Edward Garden will replace Robert Lane, who is retiring due to health reasons after a dozen years as a director, GE said in a statement.

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.

Trian, which invests $14 billion in assets for pension funds, endowments and wealthy investors, has owned a roughly 1 percent stake in GE since 2015.

Four months ago, GE said longtime CEO Jeff Immelt would step down and that John Flannery, a 30-year company veteran who had run its healthcare business, would succeed him.

The companys lackluster stock performance was seen to have prompted Immelts departure, which came months before analysts had expected, but the shares have continued to fall. They were down 3 percent in Monday morning trading.

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