FAIRFIELD, Conn.--(BUSINESS WIRE)--Oct. 28, 2002--Alan G. "A.G." Lafley, 55, chairman of the board, president and chief executive of the Procter & Gamble Company, and Robert J. Swieringa, 60, dean of the Johnson School of Management at Cornell University, have been elected to the board of the General Electric Company, the world's largest diversified technology, services and manufacturing company.
Both new directors satisfy the independence requirements under the proposed New York Stock Exchange rules. Lafley has been appointed to GE's Nominating and Corporate Governance committee. Dr. Swieringa, a nationally recognized accounting expert, has been appointed to the Audit committee, in part to meet the requirements of the Sarbanes-Oxley legislation encouraging public companies to have a "financial expert" on their audit committees.
Lafley became chairman of the board at P&G, the worldwide consumer products company, in 2002, after being named president and chief executive in 2000.
"The GE Board is gaining a leading and respected voice on corporate governance and a terrific business strategist in A.G. Lafley," GE Board Chairman and CEO Jeff Immelt said. "His vast knowledge of consumer markets and his innovative approach to building brand and product strength will help GE continue to grow and create shareowner value."
Lafley joined P&G in 1977 in marketing and held a variety of positions in P&G's laundry and cleaning businesses before being named group vice president in 1992. In 1995, Lafley was named executive vice president with responsibility for Asia. In 1999, he was named president of P&G's global Beauty Care business and the North America market development organization.
Lafley earned a bachelor's degree in History from Hamilton College and a master's degree in business administration from Harvard Business School. Before joining P&G, Lafley served five years in the U.S. Navy.
Dr. Swieringa was named Anne and Elmer Lindseth Dean and Professor of Accounting at the Samuel Curtis Johnson Graduate School of Management at Cornell in 1997. From 1986 to 1996, Dr. Swieringa was a member of the Financial Accounting Standards Board (FASB), the policy-making organization for accounting issues in the United States. He has held faculty positions at Cornell, the School of Management at Yale University and the Graduate School of Business at Stanford University.
Immelt said, "Dr. Swieringa is one of the world's outstanding accounting scholars and educators and has helped shape and strengthen the nation's accounting standards. The GE Board will benefit greatly from his diverse experiences and his vast knowledge of corporate accounting issues."
Dr. Swieringa earned a bachelor's degree in economics from Augustana College (Illinois), a master's degree in business administration at the University of Denver and a doctorate in accounting and complex organizations at the University of Illinois. He has been active in the American Accounting Association.
He is the co-author of four books on accounting and has authored or co-authored more than 50 articles in scholarly journals. Prior to his academic career, Dr. Swieringa managed a family-owned business, Hammond Organ Studios, in Iowa and Illinois.
Today's elections brings the membership of GE's board to 19.
GE (NYSE:GE) is a diversified technology and services company dedicated to creating products that make life better. From aircraft engines and power generation to financial services, medical imaging, television programming and plastics, GE operates in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit http://www.ge.com.
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