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GE elects activist investor Trian's co-founder to board

General Electric Co. has elected Ed Garden to its board, effective Oct. 9.

Garden is a co-founder and chief investment officer of activist investor Trian Fund Management LP. His appointment comes a week after Jeffrey Immelt retired as chairman. CEO John Flannery took over as chairman of the board after Immelt's retirement.

Trian became a shareholder in 2015 and was dissatisfied with the company's stock performance and cost-cutting efforts under Immelt, who stepped down as CEO of the company on Aug. 1.

"Like other GE shareholders, I am disappointed by the recent performance of GE's stock. But I continue to believe that GE represents an attractive long-term investment opportunity with significant upside," Garden said.

Garden is replacing former Deere & Co. CEO Robert Lane, who is retiring from GE's board after 12 years.