GE aims for early January spinoff for health care company
GE is splitting into three independent companies and has chosen a board of directors
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GE on Monday announced the week it expects to complete the spinoff of its health care unit and the planned independent company's board of directors.
In a press release, the multinational conglomerate said it aims to finish the tax-free spinoff of its health care business during the first week of January 2023. The independent company will be called GE HealthCare and be listed on the Nasdaq as "GEHC" after being spun off, the company previously said.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GE | GE AEROSPACE | 176.90 | -1.49 | -0.83% |
GE named eight new members who are expected to join GE HealthCare's board, on top of Peter Arduini, who is set to serve as president and CEO of GE HealthCare, and GE CEO H. Lawrence Culp Jr., set to serve as non-executive chairman.
General Electric logo is seen in this illustration taken, Nov. 9, 2021. (Reuters/Dado Ruvic / Reuters Photos)
The eight new board members are Providence CEO Dr. Rodney Hochman; Booz Allen CFO Lloyd Howell Jr.; former Robert Wood Johnson Foundation CEO Dr. Risa Lavizzo-Mourey; former HP Inc. executive Catherine Lesjak; Honeywell senior vice president and general counsel Anne Madden; Cleveland Clinic CEO Dr. Tomislav Mihaljevic; T. Rowe Price Group director William Stromberg, and former Amazon Web Services, Healthcare, general manager Phoebe Yang.
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"The group we are assembling brings a strong understanding of the safety, quality, innovation, and trust that our customers expect from GE, as well as fresh thinking for our journey forward," Arduini said in a statement. "We’re excited to launch GE HealthCare in January as a standalone company leading precision health innovation."
General Electric Co. (GE) logos are displayed on the outside of enclosed jet engine test tunnels at the GE Aviation Test Operations facility in Peebles, Ohio, on April 14, 2015. (Luke Sharrett/Bloomberg via Getty Images / Getty Images)
GE first announced its plans to split into three independent companies focusing on health care, aviation and energy in November 2021. As part of the historic split, its portfolio of energy businesses will become an independent company called GE Vernova, while the planned aviation-focused company will be called GE Aerospace.
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GE HealthCare is scheduled to hold an investor day in early December, GE said.