Summary
This 8-K filing by General Electric (GE) on December 10, 2018, primarily announces a change in the composition of its Board of Directors. Director John J. Brennan has retired from the Board after six years of service. To fill the vacancy, the Board has elected Paula Rosput Reynolds as a new director, effective December 7, 2018. Ms. Reynolds brings experience as the Chief Executive Officer of PreferWest, LLC, a business advisory firm. The company has confirmed her independence according to NYSE listing standards and GE's own guidelines. She will be eligible for the standard compensation and benefits provided to independent directors. Investors should note that Ms. Reynolds has not yet been assigned to any Board committees.
Key Highlights
- 1John J. Brennan retired from the Board of Directors after six years of service, effective December 7, 2018.
- 2Paula Rosput Reynolds was elected as a new director to fill the vacancy created by Mr. Brennan's retirement.
- 3Ms. Reynolds is the CEO of PreferWest, LLC, a private business advisory firm.
- 4The Board has determined Ms. Reynolds to be an independent director based on NYSE standards and GE's guidelines.
- 5Ms. Reynolds will participate in the compensation and benefit program for independent directors.
- 6Ms. Reynolds has not yet been appointed to any Board committees.
Frequently Asked Questions
The main purpose of this 8-K filing is to announce a change in GE's Board of Directors. Specifically, it reports the retirement of a director and the appointment of a new director.
The new director appointed to the Board is Paula Rosput Reynolds. She is the Chief Executive Officer of PreferWest, LLC, a business advisory firm.
Yes, the Board has determined that Ms. Reynolds is an independent director in accordance with New York Stock Exchange listing standards and GE's own independence guidelines.
Ms. Reynolds will participate in the standard compensation and benefit program that is provided to the Company's independent directors, as outlined in the Proxy Statement.