By Thomas Gryta

General Electric Co. shareholders will gather Wednesday at a company facility outside of Pittsburgh to elect a restructured board after a difficult year at the industrial conglomerate.

It marks the first annual meeting for CEO John Flannery, a company veteran who took the reins in August and is working to turn around the maker of everything from jet engines to lightbulbs.

A year ago, the company was worth more than twice its current value and former CEO Jeff Immelt was pushing GE as a "digital industrial" company. Now, Mr. Flannery is selling assets and considering new structures for the company, including breaking apart its major divisions.

Shareholders are likely to use the gathering to express their frustration. Retirees will also be voicing objections to trimmed benefits and lost savings. Before the meeting ends, they will elect a new, smaller board with members focused on restructuring, accounting and representing investors.

GE holds it shareholder meeting in a different location each year and this year's is in a 125,000-square-foot site off a highway in a recently built industrial park 3 miles from Pittsburgh's airport.

The property is on the site of a former coal mine and now is home to GE's additive manufacturing business, which is essentially 3-D printing with high-strength metal. The division is part of the company's Aviation unit.

Despite the media circus -- with multiple television crews expected to broadcast live from outside -- there aren't any major issues on the agenda. The most notable is the reauthorizing of KPMG as the auditor, continuing a 109-year streak as the company is facing accounting probes from federal regulators. Two big proxy advisory firms had recommended voting against the ratification of KPMG.

Write to Thomas Gryta at thomas.gryta@wsj.com

(END) Dow Jones Newswires

April 25, 2018 08:56 ET (12:56 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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