NEW YORK--(BUSINESS WIRE)--The Board of Directors of General American Investors Company, Inc., a closed-end investment company listed on the New York Stock Exchange (GAM), appointed Jeffrey W. Priest, President and Chief Executive Officer of the Company, to the Board of Directors of the Company subject to approval by shareholders at the upcoming Annual Meeting scheduled for April 10, 2013. Mr. Davidson, Chairman, commented, “We are pleased to welcome Mr. Priest to our Board. His in-depth knowledge of the financial markets and investment industry as well as his broad understanding of economic issues will be of great value to our Board.”
“We are pleased to welcome Mr. Priest to our Board. His in-depth knowledge of the financial markets and investment industry as well as his broad understanding of economic issues will be of great value to our Board.”
Separately, Ms. D. Ellen Shuman, a Director of the Company since July 2004 and Chairman of the Board’s Audit Committee, advised the Directors that she would not seek re-election at the upcoming Annual Meeting. The Board expressed its sincere gratitude to Ms. Shuman for her exemplary service on the Board of Directors, her leadership as Chair of the Audit Committee and her dedication to the Company’s shareholders.
General American Investors was founded in 1927, has been publicly traded since its inception and has been listed on the NYSE since 1930. The objective of the Company is long-term capital appreciation through investment in companies with above average growth potential. The Company has total net assets of approximately $1 billion applicable to its 29.6 million shares of common stock outstanding. The aggregate liquidation value of the Company’s preferred stock is $190 million. Its preferred shares (symbol GAM Pr B) are also listed on the NYSE.