FAIRFIELD, Conn.--(BUSINESS WIRE)--Nov. 7, 2002--GE Chairman and CEO Jeff Immelt today released the following statement regarding GE Directors Paolo Fresco and Scott G. McNealy:
"Paolo Fresco and Scott McNealy have made difficult decisions not to stand for re-election to the GE Board of Directors and will retire from the board in December. Scott and Paolo share my vision for building a strong and independent board and each made this decision to help GE achieve our goal that two-thirds of our directors will be independent. Paolo is a former GE vice chairman and, as the head of Fiat, works with GE on a number of important projects. In Scott's case, GE has several strategic relationships with Sun, as customer, supplier and a financial partner. We expect these to grow in the future.
"Paolo and Scott have been outstanding GE directors. Both have made lasting contributions to our Company. Paolo helped create and grow GE's leading businesses in Europe and around the world, first as a member of our executive office and now as a GE director. Scott has helped guide the digital rebirth of GE in the last three years, bringing a fresh and passionate voice from his industry to our board and business leaders.
"Everyone at GE has benefited from the contributions of these two business leaders. We thank them and wish them well."
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Gary Sheffer, 203/373-3476