By Stephen Nakrosis


General Electric Co. on Tuesday said its board authorized a $3 billion share repurchase program.

GE said it "expects to consider share repurchases as one of a number of potential capital allocation alternatives on an ongoing basis, along with organic and inorganic investments, as we plan to establish three global, investment grade companies."

The company has a market capitalization of $93.86 billion, 1.1 billion shares outstanding and a public float of 1.09 billion shares.

The stock finished the day's regular-trading session with a 3.24% gain, closing at $88.15. Shares were flat after-hours.

Also on Tuesday, GE said Stephen F. Angel, Isabella D. Goren and Tomislav Mihaljevic were elected to the board. James Tisch won't stand for reelection to the board, GE said.


Write to Stephen Nakrosis at stephen.nakrosis@wsj.com


(END) Dow Jones Newswires

03-08-22 1708ET