Miscellaneous Electric will ask shareholders this year to nominate only 10 directors to the company’s board, as GE’s two longest tenured officials will be retiring, according to a filing submitted Friday.
Jim Mulva, the former chairman and CEO of ConocoPhillips, and Geoff Beattie, the one-time CEO of the Woodbridge Company, will retire from GE’s board at the company’s annual meeting on May 8.
Mulva and Beattie have served on the GE management since 2008 and 2009, respectively.
Seven of the 10 GE directors being nominated this May are new to GE in the past two years. In the unmodified time, 15 directors have retired from GE’s board. CEO Larry Culp is working to implement a turnaround down, after the company has freed up billions of dollars in cash through asset sales and mergers.
While GE has yet to nominate replacements for Mulva and Beattie, the guests is still targeting a board size of 12.
Additionally, GE is “asking shareowners to approve an amendment to our Certificate of Incorporation that inclination lower the minimum required number of directors on the Board from ten to seven,” the filing said. This is ensures “that the following remains in compliance with its Certificate of Incorporation, particularly during times of transition.”