General Electric Co. is nominating a top financial accounting leader and two former industrial bosses for its board as the manufacturer reshapes its director ranks.

Leslie Seidman, the former chairman of the Financial Accounting Standards Board, would join ex-Danaher Corp. Chief Executive Officer Larry Culp and former American Airlines CEO Thomas Horton as directors, GE said Monday in a statement. The company also announced departures from the board as part of a previously announced plan to reduce the oversight council to 12 members.

John Flannery, who took the helm as GE’s CEO and chairman last year, is remaking the board as part of a sweeping overhaul of the beleaguered company, the biggest loser on the Dow Jones Industrial Average last year and so far this year. He’s also cutting costs and considering asset sales to help reverse one of the deepest slumps in GE’s 126-year history.

As part of the board changes, current directors Marijn Dekkers, Susan Hockfield, Peter Henry, Andrea Jung, Steve Mollenkopf, Shelly Lazarus, Jim Rohr and Mary Schapiro will not stand for re-election, GE said.

Among those remaining are lead director Jack Brennan and Ed Garden, a representative of activist shareholder Trian Fund Management, who was appointed late last year. Brennan will help facilitate the transition and won’t stand for re-election in 2019, GE said. In remaking the board, the company said it considered industry experience and capital allocation expertise among other factors.

GE’s annual shareholder meeting is scheduled for April 25.