General Electric Co has nominated former chairman of the US Securities and Exchange Commission to its Board of Directors. She will be elected at the annual meeting of shareholders of the company on April 24, in a statement released by General Electric.
Schapiro had recently stepped down as the SEC Chairperson last December after four years working on rehabilitating the agency's much maligned reputation. During her term, she also streamlined the enforcement process, hired new employees, created the tips database and created a whistleblower office. Many former officials of the SEC credits Schapiro in reviving the once moribund agency.
According to GE Chairman and Chief Executive Officer Jeff Immelt, the experience of Schapiro in overseeing US financial markets and corporate governance would help the company, especially in the realm of financial regulation.
The company recently unveiled plans to lay off workers and close certain facilities as it utilizes the remaining proceeds from its recent sale of NBC Universal.
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