General Electric Company (LON:GEC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective October 2, 2017, Jeffrey R. Immelt retired as a director and Chairman of General Electric Company’s Board of Directors (the “Board”) in light of Mr. Immelt’s determination that the CEO transition has proceeded smoothly and that John L. Flannery, Chief Executive Officer, director and Chair-Elect, was ready to succeed Mr. Immelt as Chairman of the Board. The Board concurred and elected Mr. Flannery as Chairman of the Board effective October 2, 2017. In connection with Mr. Immelt’s retirement, the Board decreased its size from 19 to 18 directors.
Effective October 2, 2017, Mr. Immelt also retired as a director and Chairman of the Board of Directors of Baker Hughes, a GE company (“BHGE”). The BHGE Board of Directors (the “BHGE Board”) elected Lorenzo Simonelli, President and Chief Executive Officer of BHGE, to succeed Mr. Immelt as Chairman and elected W. Geoffrey Beattie to serve as lead director. In connection with this transition, J. Larry Nichols resigned from the BHGE Board, and the BHGE Board decreased its size from 11 to 9 directors, each action effective on October2, 2017.
