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New details emerge for GE Healthcare spinoff

by John R. Fischer, Senior Reporter | September 13, 2022
Business Affairs
GE will spin off its healthcare division into a separate company in the first week of January 2023.
GE is planning to spin off its healthcare division in the first week of the new year.

The company announced the targeted time frame on September 12, along with the names of eight new directors who will make up the first board for the spinoff, which will be called GE HealthCare.

They include:
Dr. Rodney Hochman, president and CEO of not-for-profit health system, Providence
Lloyd Howell Jr., CFO and treasurer of Booz Allen Hamilton Holding Company
Dr. Risa Lavizzo-Mourey, who previously served as the Robert Wood Johnson Foundation Professor of Health Equity and Health Policy at the University of Pennsylvania
Catherine Lesjak, who has held various financial leadership roles for HP Inc.
Anne Madden, senior vice president and general counsel at Honeywell International Inc.
Dr. Tomislav Mihaljevic, CEO and president of Cleveland Clinic
William Stromberg, a director and nonexecutive board chair of the T. Rowe Price Group Inc.
Phoebe Yang, who was most recently the general manager of Amazon Web Services, Healthcare

GE Chairman and CEO H. Lawrence Culp Jr. will also be on the board, serving as nonexecutive chairman of GE HealthCare. Peter Arduini, who has been appointed as CEO of the new company will also be a director.

In a statement, Culp says the new directors “bring a diverse range of perspectives and backgrounds” and “deep industry knowledge” about healthcare systems, patient care, capital allocation for growth, management and financial expertise and digital innovation leadership.

“Having our board in place represents a critical milestone on this path,” he said.

GE announced in November 2021 that it would spin off its healthcare division in 2023 as an independent company focused on precision health. The decision marks the end of the conglomerate’s 129 years as a whole company, and was made to simplify its business, reduce debt and improve its share price.

Following the GE HealthCare spin off, it will do the same with GE Renewable Energy and Power in early 2024, leaving GE singularly focused on aviation.

GE HealthCare will host an investor day on December 8, 2022 in New York City.

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