General Electric (GE) Adds Qualcomm CEO Mollenkopf as Director
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General Electric (NYSE: GE) disclosed the following on Thursday:
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 4, 2016, the Board of Directors of General Electric Company (the “Company”) elected Steven M. Mollenkopf to the Company’s Board of Directors. Mr. Mollenkopf is the Chief Executive Officer and a director of Qualcomm Incorporated, a leading developer of mobile technology. In connection with the election of Mr. Mollenkopf, the Board of Directors increased its size from 16 to 17 directors.
The Board of Directors has determined that Mr. Mollenkopf is an independent director under the New York Stock Exchange listing standards and the Company’s independence guidelines, as set forth in its Governance Principles.
Mr. Mollenkopf will participate in the compensation and benefit program for non-management directors. This program is described on pages 50 and 51 of the Company’s Proxy Statement for its Annual Meeting of Shareowners held on April 27, 2016 (filed with the Securities and Exchange Commission on March 14, 2016), except for the following modifications, which were approved after the date of the annual meeting:
- the annual fee paid for service as an independent director of the Company is $275,000, and
- the annual fee paid for service on each committee of the Board is as follows: Audit Committee, $35,000; GE Capital Committee, $50,000; Governance and Public Affairs Committee, $10,000; Management Development & Compensation Committee, $25,000 and Technology and Industrial Risk Committee, $10,000.
The Board has not yet appointed Mr. Mollenkopf to any Board committees.
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