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As an independent public company leading precision health innovation, GE HealthCare is poised to move into the future
• Board members bring strong 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 in the first week of January 2023
• GE HealthCare will host an Investor Day on December 8, 2022 in New York, NY
BOSTON – September 12, 2022 – GE (NYSE: GE) today announced the first board of directors for GE HealthCare, a planned independent company to be formed following its spin-off from GE. The company also announced that its spin-off date is targeting the first week of January 2023, subject to final approval by GE’s board of directors and other customary conditions.
As previously announced, H. Lawrence Culp, Jr., Chairman and CEO of GE and CEO of GE Aerospace, will serve as non-executive chairman of GE HealthCare. GE HealthCare CEO Peter Arduini will also serve on the board. Today, GE also announced the names of eight additional directors planned to join GE’s Healthcare Council.
Culp said, “I am excited about the team we have assembled to serve on GE HealthCare’s board of directors. These directors are experienced and dynamic about GE HealthCare’s mission and future opportunities. They bring diverse perspectives and backgrounds to support the company’s ambitions. High aspirations, including deep industry knowledge in patient care and healthcare systems, experience in capital allocation to support organic and inorganic growth, management and financial expertise, and digital innovation leadership.”
Culp continued, “With this initial batch of directors, we have a highly qualified and capable board that will enable GE HealthCare to get started. The team is building significant momentum and is planning to have a January The first week of the spin-off and our board in place represents a key milestone on that path.”
“GE HealthCare will begin its life as an independent company with a first-class board and team as we seek to lead a new era of precision, connected and compassionate care,” Arduini said. GE HealthCare has a deep understanding of safety, quality, innovation and trust and provides us with new thinking going forward. We are excited to launch GE HealthCare in January as an independent company leading innovation in precision health.”
In connection with the spin-off, GE intends to appoint the following directors to GE HealthCare’s board of directors:
- Peter J. Arduino. Mr. Arduini has served as President and Chief Executive Officer of GE Healthcare since January 2022 and will be named President and Chief Executive Officer of GE HealthCare in connection with the spin-off. Previously, Mr. Arduini served as President and CEO of Integra LifeSciences from 2012 to 2021, when the Integra product portfolio had grown significantly through multiple acquisitions and a sustainable R&D pipeline into a faster growing and more profitable company. Prior to joining Integra, Mr. Arduini held various leadership positions within Baxter Healthcare and GE’s Healthcare business units. Mr. Arduini serves on the boards of Bristol-Myers Squibb and the Advanced Medical Technology Association.
- H. Lawrence Culp, Jr. Mr. Culp has served as Chairman and Chief Executive Officer of GE since October 2018, leading GE’s transformation into a more focused, simpler and stronger high-tech industrial company. He also serves as CEO of GE Aerospace effective June 2022. Prior to joining GE, Mr. Culp was President and Chief Executive Officer of Danaher Corporation from 2000 to 2014. Danaher’s revenue and market cap have both grown 5-fold during his tenure.
- Dr. Rodney F. Hochman. Since 2016, Dr. Hochman has served as President and CEO of Providence, a Catholic nonprofit health system. From 2012 to 2016, he served as President and Chief Executive Officer of Providence Health & Services, Inc., which together with St. Joseph Health formed Providence St. Joseph Health (now Providence) in 2016. Before that, he was President and CEO of Swedish Medical Center and held various leadership positions within the Sentara Health System. Dr. Hochman has served as a non-executive director of Diversey Holdings, Ltd. since 2021 and is a past chairman of the boards of directors of the American Hospital Association and the Catholic Health Association.
- Lloyd W. Howell, Jr. Since 2016, Mr. Howell has served as Chief Financial Officer and Treasurer of Booz Allen Hamilton Holdings, Inc. (“Booz Allen”). During his more than 34 years with Booz Allen, Mr. Howell has held various leadership positions. From 2013 to 2016, he led Booz Allen’s civic business group. Prior to that, he was Executive Vice President of the Customer Service Office from 2009 to 2013. Mr. Howell will serve on Moody’s Board of Directors effective 2021.
- Dr. Risa Raviezzo-Murray. Dr. Lavizzo-Mourey was a professor at the University of Pennsylvania from 1986 to 2021 and the Robert Wood Johnson Foundation Professor of Health Equity and Health Policy from 2018 to 2021. From 2003 to 2017, Dr. Lavizzo-Mourey was a member of the CEO Robert Wood Johnson Foundation, where she spearheaded the creation of an affordable and inclusive healthcare system. She also has extensive U.S. government experience. Dr. Lavizzo-Mourey has served as an independent director of Better Therapeutics, Inc. since 2021, Intel since 2018, Merck since 2020, and General Electric since 2017.
- Katherine Lesjack. Ms. Lesjak retired in 2019 from a 32-year career with HP Inc. (formerly Hewlett-Packard Company) (“HP”) who served in a wide range of financial leadership roles. Most recently, from 2018 to 2019, she was HP’s interim COO, HP’s CFO from 2007-2018, and HP’s interim CEO in 2010. Ms. Lesjak also serves on the boards of GE, SunPower and PROS Holdings, Inc.
- Anne T. Madden. Ms. Madden has served as Senior Vice President and General Counsel of Honeywell International, Inc. (“Honeywell”) since 2017. Prior to that, Ms. Madden served as Honeywell’s vice president of corporate development and global head of mergers and acquisitions for 16 years. During her tenure, Honeywell made about 100 acquisitions with about $15 billion in revenue and divested about 70 businesses with nearly $9 billion in non-core revenue. Ms. Madden has held various leadership positions at Honeywell’s predecessor, AlliedSignal; Shearman & Sterling; and KPMG Peat Marwick.
- PhD. Tomislav Mikhalevich. Since 2018, Dr. Mihaljevic has served as CEO and President of Cleveland Clinic, a global integrated healthcare system. Dr. Mihaljevic served as Chief Executive Officer of Cleveland Clinic Abu Dhai (“CCAD”), the first multispecialty hospital in the United States. Reproduction outside North America. Dr. Mihaljevic is Co-Chair of the U.S.-UAE Business Council Board of Directors and serves on the GE Board of Directors.
- William J. Stromberg. Mr. Stromberg has served as a director of T. Rowe Price Group, Inc. since 2016 and as non-executive chairman of the board of directors since 2021. He was Chief Executive Officer of Price Group from 2016 to 2021, having previously held a series of roles in equity-related roles since joining Price Group in 1987. Before that, he was employed by Westinghouse Defense as a systems engineer. Mr. Stromberg served on the Catholic Charities Board of Directors for nine years, including two years as Chairman of the Board.
- Phoebe L. Young. Ms. Yang has been the general manager of Amazon Web Services Healthcare until September 2022. Previously, she was with Ascension, where she served as Chief Strategy Officer for Population Health from 2013 to 2016, and as Managing Director of Ascension Holdings International from 2016 to 2018. She also served at The Advisory Board Company, Discovery Inc., and AOL Time Warner Executive role and was previously Managing Director of Rock Water Ventures. A life member of the Council on Foreign Relations, she was an appointee to two U.S. presidential administrations. Ms. Yang is an independent director of Doximity, the leading digital platform for U.S. medical professionals, a board member of CommonSpirit Health, and a former director of Providence St. Joseph’s 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 as the event approaches.
forward-looking statements
This document contains forward-looking statements — statements that relate to future events that by their nature involve varying degrees of uncertainty. For more information on uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements, please see https://www.ge.com/investor-relations/important-forward-looking -statement-information , and our filings with the Securities and Exchange Commission. We do not undertake to update our forward-looking statements.
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