General Electric Co. said Monday it elected Ed Garden, who is chief investment officer of activist investor Trian Fund Management, to its board of directors, effective Oct. 9. He replaces Robert Lane, who is retiring from the industrial conglomerate’s board for health reasons, after 12 years on the board. GE named Lane a director emeritus. “Like other GE shareholders, I am disappointed by the recent performance of GE’s stock,” Garden said. “But I continue to believe that GE represents an attractive long-term investment opportunity with significant upside.” Trian owned 70.85 million shares of GE as of June 30, according to filings with the Securities and Exchange Commission. with 0.82% of the shares outstanding, Trian is GE’s 10th largest shareholder, according to FactSet. “As GE continues to evolve as a company and address the challenges and opportunities that lie ahead, we also see a chance to evolve as a Board and believe that, based on his track record as a director at other companies, Ed will be able to make significant contributions to GE,” said Lead Independent Director Jack Brennan. The stock, which slipped 0.2% in premarket trade, has tumbled 23% year to date through Friday, while the Dow Jones Industrial Average has climbed 15%.
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