Summary
General Electric Company (GE) filed an 8-K on June 12, 2009, primarily announcing a change to its Board of Directors. The Board elected W. Geoffrey Beattie, President and CEO of The Woodbridge Company Limited, as a new director, increasing the Board's size from fifteen to sixteen members. This appointment aims to fill a newly created vacancy. Mr. Beattie has been deemed an independent director by GE, meeting both New York Stock Exchange listing standards and the company's internal independence guidelines. He has also been appointed to the Audit Committee, a critical oversight function for financial reporting and internal controls. His compensation will align with the standard program for non-management directors, as previously detailed in GE's proxy statement.
Key Highlights
- 1GE added W. Geoffrey Beattie to its Board of Directors.
- 2The Board size has been increased from 15 to 16 directors.
- 3Mr. Beattie is the President and CEO of The Woodbridge Company Limited.
- 4The Board has determined Mr. Beattie meets independence requirements (NYSE and GE's guidelines).
- 5Mr. Beattie has been appointed to the Audit Committee.
- 6His compensation will follow the standard non-management director program.