GE Announces Board of Directors for Future Independent GE HealthCare; Confirms Target Spin-Off Timing of First Week of January 2023
September 12 2022 - 5:31AM
Business Wire
GE HealthCare on track toward future as a
standalone public company leading precision health innovation
- Board members bring strong mix of expertise, industry
experience and diverse perspectives to help GE HealthCare lead a
new era of more precise, connected, and compassionate care
- Tax free spin-off expected to be completed first week of
January 2023
- GE HealthCare to host investor day on December 8, 2022, in New
York, NY
GE (NYSE:GE) today announced the first Board of
Directors for GE HealthCare, the planned independent company that
will be created following its spin-off from GE. The company also
announced that it is targeting a spin-off date in the first week of
January 2023, subject to final approval from the GE Board of
Directors and other customary conditions.
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GE HealthCare Board of Directors
(Graphic: GE)
As previously announced, H. Lawrence Culp, Jr., Chairman and
CEO, GE, and CEO, GE Aerospace, will serve as Non-Executive
Chairman of GE HealthCare. Peter Arduini, CEO of GE HealthCare,
will also serve as a Director. Today, GE also announced the names
of eight additional directors who plan to join the GE HealthCare
Board.
Culp said, “I am thrilled with the group we have assembled to
serve on GE HealthCare’s Board of Directors. These directors are
highly experienced and energized by GE HealthCare’s mission and
opportunities ahead. They bring a diverse range of perspectives and
backgrounds to support the company’s ambitions, including deep
industry knowledge in patient care and healthcare systems, capital
allocation experience to support organic and inorganic growth,
management and financial expertise, and digital innovation
leadership.”
Culp continued, “With this initial group of Directors, we have a
highly qualified and capable Board that will enable GE HealthCare
to hit the ground running. The team is building significant
momentum and targeting a spin-off during the first week of January,
and having our Board in place represents a critical milestone on
this path.”
Arduini said, “As we seek to lead the new era of precise,
connected, and compassionate care, GE HealthCare will begin its
life as an independent company with a best-in-class Board and team.
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. We’re
excited to launch GE HealthCare in January as a standalone company
leading precision health innovation.”
In connection with the spin-off, GE intends to appoint the
following directors to GE HealthCare’s Board:
- Peter J. Arduini. Mr. Arduini has been President and CEO
of GE’s healthcare business since January 2022 and will be
appointed as GE HealthCare’s President and CEO in connection with
the spin-off. Previously, Mr. Arduini was the President and CEO of
Integra LifeSciences from 2012 to 2021, when the Integra portfolio
evolved significantly to a faster growing and more profitable
company through multiple acquisitions and a sustainable research
and development pipeline. Prior to Integra, Mr. Arduini held a
variety of leadership roles at Baxter Healthcare and GE’s
Healthcare business. Mr. Arduini serves on the boards of the
Bristol-Myers Squibb Company and Advanced Medical Technology
Association.
- H. Lawrence Culp, Jr. Mr. Culp has served as the
Chairman and CEO of GE since October 2018, leading GE’s
transformation to become a more focused, simpler, and stronger
high-tech industrial company. He has also served as CEO of GE
Aerospace since June 2022. Prior to joining GE, Mr. Culp served as
the President and CEO of Danaher Corporation from 2000 to 2014.
During his tenure, Danaher increased both its revenues and its
market capitalization five-fold.
- Dr. Rodney F. Hochman. Dr. Hochman has served as the
President and CEO of Providence, a Catholic not-for-profit health
system, since 2016. From 2012 to 2016, he served as the President
and CEO of Providence Health & Services, Inc., which merged
with St. Joseph Health to form Providence St. Joseph Health (now
Providence) in 2016. Before that, he served as the President and
CEO of Swedish Medical Center and held various leadership roles
within the Sentara Health System. Dr. Hochman has served as a
non-executive director of Diversey Holdings, Ltd. since 2021, and
he is a past chair of the American Hospital Association and
Catholic Health Association boards of trustees.
- Lloyd W. Howell, Jr. Mr. Howell has served as the CFO
and Treasurer of Booz Allen Hamilton Holding Company (“Booz Allen”)
since 2016. During his more than 34 years at Booz Allen, Mr. Howell
has held a variety of leadership roles. From 2013 to 2016, he led
Booz Allen’s Civil Commercial Group. Prior to that, he held the
position of EVP, Client Services Office from 2009 to 2013. Mr.
Howell has served on the board of directors of Moody’s since
2021.
- Dr. Risa Lavizzo-Mourey. Dr. Lavizzo-Mourey was a
professor at the University of Pennsylvania from 1986 until 2021,
serving as the Robert Wood Johnson Foundation Professor of Health
Equity and Health Policy from 2018 to 2021. From 2003 to 2017, Dr.
Lavizzo-Mourey was the CEO of the Robert Wood Johnson Foundation,
where she spearheaded initiatives to create an affordable and
inclusive healthcare system. She also has extensive U.S. government
experience. Dr. Lavizzo-Mourey has served as an independent
director for Better Therapeutics, Inc. since 2021, as an
independent director for Intel since 2018, as an independent
director for Merck since 2020, and as an independent director for
GE since 2017.
- Catherine Lesjak. Ms. Lesjak held a broad range of
financial leadership roles over a 32-year career at HP Inc.
(formerly Hewlett-Packard Company) (“HP”), from where she retired
in 2019. Most recently, from 2018 until 2019, she was the interim
chief operating officer of HP, and she previously served as CFO of
HP from 2007-2018 and interim CEO of HP in 2010. Ms. Lesjak also
serves on the boards of directors of GE, SunPower, and PROS
Holdings, Inc.
- Anne T. Madden. Ms. Madden has served as Senior Vice
President and General Counsel at Honeywell International Inc.
(“Honeywell”) since 2017. Prior to that, Ms. Madden was Vice
President, Corporate Development and Global Head of M&A at
Honeywell for sixteen years. During her tenure, Honeywell made
approximately 100 acquisitions, representing approximately $15
billion in revenues and divested approximately 70 businesses,
representing close to $9 billion of non-core revenues. Ms. Madden
previously held a number of leadership roles at AlliedSignal,
Honeywell’s predecessor; Shearman & Sterling; and KPMG Peat
Marwick.
- Dr. Tomislav Mihaljevic. Dr. Mihaljevic has served as
the CEO and President of Cleveland Clinic, a global integrated
healthcare system, since 2018. Dr. Mihaljevic previously served as
CEO of Cleveland Clinic Abu Dhai (“CCAD”), the first U.S.
multi-specialty hospital to be replicated outside of North America.
Dr. Mihaljevic is the co-chairman of the board of directors of the
U.S.-UAE Business Council and serves as a member of the Board of
Directors of GE.
- William J. Stromberg. Mr. Stromberg has been a director
of the T. Rowe Price Group, Inc. since 2016 and has served as the
non-executive chair of the board since 2021. He served as CEO of
Price Group from 2016 to 2021 and previously in a range of
equity-related roles since joining the Price Group in 1987. Prior
to this, he was employed by Westinghouse Defense as a systems
engineer. Mr. Stromberg served nine years on the Catholic Charities
Board of Trustees, with two years as board president.
- Phoebe L. Yang. Ms. Yang has been General Manager of
Amazon Web Services, Healthcare, until September 2022. Previously,
she was at Ascension, where she served as Chief Strategy Officer
for Population Health from 2013 to 2016 and Managing Director of
Ascension Holdings International from 2016 to 2018. She also served
in executive roles at The Advisory Board Company, Discovery Inc.,
and AOL Time Warner and has been Managing Director of Rock Water
Ventures. A life member of the Council on Foreign Relations, she
was an appointee in two U.S. presidential administrations. Ms. Yang
is an independent director for Doximity, a leading digital platform
for U.S. medical professionals, and a board director for
CommonSpirit Health and formerly for Providence St. Joseph Health,
two of the world’s largest Catholic health systems.
GE HealthCare also announced that it will host an investor day
on Thursday, December 8, 2022, in New York, NY. More information
will be shared closer to the event.
Forward-looking Statements
This document contains forward-looking statements – that is,
statements related to future events that by their nature address
matters that are, to different degrees, uncertain. For details on
the uncertainties that may cause our actual future results to be
materially different than those expressed in our forward-looking
statements, see
https://www.ge.com/investor-relations/important-forward-looking-statement-information,
as well as our SEC filings. We do not undertake to update our
forward-looking statements.
About GE
GE (NYSE:GE) rises to the challenge of building a world that
works. For more than 130 years, GE has invented the future of
industry, and today the company’s dedicated team, leading
technology, and global reach and capabilities help the world work
more efficiently, reliably, and safely. GE’s people are diverse and
dedicated, operating with the highest level of integrity and focus
to fulfill GE’s mission and deliver for its customers.
www.ge.com
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version on businesswire.com: https://www.businesswire.com/news/home/20220912005509/en/
GE Investors Steve Winoker 617.443.3400
swinoker@ge.com
GE Media Mary Kate Mullaney 202.304.6514
marykate.nevin@ge.com
GE HealthCare Media Jennifer Fox 414.530.3027
jennifer.r.fox@ge.com
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