General Electric (“GE”) consists of several high-tech industrial businesses serving critical global infrastructure end markets.
In October 2015, Trian announced its investment in GE. In October 2017, Trian’s Chief Investment Officer and a Founding Partner, Ed Garden, was elected to the GE board of directors.
In 2018, GE announced a strategy to improve its financial position and strengthen its businesses. In addition to the spin-off and merger of its Transportation business with Wabtec (completed in February 2019), GE plans to pursue an orderly separation from BHGE (Baker Hughes, a GE company) over the next two to three years, streamline its corporate structure and substantially reduce leverage. Trian supports these strategic initiatives and believes that these initiatives will create substantial value for shareholders.
On September 30, 2018, Larry Culp, Jr., former CEO of Danaher Corporation, was named Chairman and CEO of GE and Thomas W. Horton was appointed lead director. Prior to his appointment, Mr. Culp was a member of the GE Board and served as lead director since June 2018. Trian expects to continue working closely and constructively with Larry Culp and the rest of the GE Board and leadership team as the company executes its strategic initiatives.