Major General Electric Management Shake Ups Sink Shares

Shares of General Electric saw losses on Monday after it was revealed that several senior executives are leaving the company.

It was also revealed that an activist shareholder investor will take a seat on the company’s board of directors.

Chief Financial Officer Jeffrey Bornstein is one top executive heading out after being with the company for 28 years. He will be replaced by the former CEO of the GE Transportatijamion division, Jamie Miller.

According to CEO John Flannery, “Jamie’s deep experience in finance, digital technology and business operations make her the right person for this role as GE continues to transform into a digital industrial company.

The company also will have Ed Garden, the founding partner of Trian Partners, take a seat on its board. Garden said in a statement, “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. We will remain focused on enhancing long-term value for GE shareholders.”

Three vice chairs are also leaving the company and Garden is taking over Robert Lane’s seat, who is retiring for health reasons.

Shares of the stock are down over 20% this year so far.

Disclaimer: We have no position in General Electric Company (NYSE: GE) and have not been compensated for this article.

Sofia Vida

Sofia has been writing for major news outlets for over 15 years. In her spare time she enjoys hiking, walking her dogs, and going to concerts.

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