'Nobody at GE is doing a victory lap,' says the board member who looks after Nelson Peltz's troubled investment

, who then took over, only lasted 14 months, due to frustrations about the pace of his turnaround efforts.

Flannery was succeeded by Larry Culp, who had been a GE board member since April 2018. Culp was previously CEO of global conglomerateGarden on Tuesday, just hours after GE delivered rosier first-quarter results, praised Culp's abilities as a "real leader of people" and a "great operator" strategically, and Culp's progress in his short tenure.from the Milken Institute Global Conference in Beverly Hills, California.

Garden said GE should be viewed as a "sum of the parts" story. "The negative cash flow is primarily related to the troubled power business and other legacy liabilities" and to some extent leverage, he said. "Our two most important businesses, aviation and health care, are generating a lot of cash," calling them "beachfront property in the industrial landscape.

Despite the long road ahead Trian still sees promise in GE, Garden said. "When we go on the board, our average duration is probably six or seven years. We've been infor close to 15 years. We'll stay [at GE] as long as it takes. " He added, "[General Electric] is an iconic U.S. company, an important U.S. company. It's a company that's important to the world, the products are important to the world.

Contrarians Rule!

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