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The leaders of two prominent health systems have been named to the board of General Electric Co.’s healthcare unit as the parent company prepares to break up the group as part of a long-term streamlining.
The healthcare group’s 10-member board will include Rodney Hochman, president and CEO of Providence Health, a Seattle-based Catholic nonprofit system, and Tomislav Mihaljevic, president and CEO of the Cleveland Clinic. Providence operates 52 hospitals and more than 1,000 other places of care in five western states, employing 120,000 people, while the Cleveland Clinic system includes 22 hospitals – including London and Abu Dhabi – with more than 72,000 people .
Hochman has led Providence since 2016 and before that led its predecessor organization, which merged with St. Joseph Health. He also leads the Swedish Medical Center and is a past president of the American Hospital Association and the Catholic Health Association. Miharevich has been the head of the Cleveland Clinic since 2018, when he took over after leading Abu Dhabi Hospital. He has been a director of GE since this spring, a move in light of the impending spin-off, and is also co-chair of the board of directors of the U.S.-UAE Business Council.
The stand-alone company, formally GE Healthcare Technologies Inc., is expected to close in January, followed by the spin-off of GE’s energy and power businesses about a year later, Leaving traditional GE to focus on aviation jobs. GE Healthcare generated operating profit of $2.8 billion in 2021 on revenue of nearly $17.6 billion. About half of its sales are recurring, and the business is divided into segments focused on imaging, ultrasound, patient care solutions (such as monitoring and maternal and child care), and pharmaceutical diagnostics. It has approximately 51,000 employees worldwide, including approximately 7,000 in the United States and Canada.
Hochman and Mihaljevic, who join the GE Healthcare board of directors, are:
• Peter Arduini, President and CEO of GE Healthcare since January this year, was a leader at Integra LifeScience for nearly a decade
• GE Chairman and CEO Larry Culp, who will serve as Executive Chairman and was recently named CEO of GE Aerospace
• Lloyd Howell Jr., CFO and Treasurer of consulting giant Booz Allen Hamilton Holding Co. since 2016
• Risa Lavizzo-Mourey, director of GE since 2017, former CEO of the health care-focused Robert Wood Johnson Foundation from 2003 to 2017, and until last year a longtime professor at the University of Pennsylvania
• Catherine Lesjak, former senior executive at Hewlett Packard Enterprise, serving on GE’s board of directors since 2019
• Anne Madden, General Counsel of Honeywell International Corporation since 2017, previously served as Vice President of Corporate Development and Head of Global Mergers and Acquisitions for the group
• William Stromberg, who retired last year as CEO of investment management firm T. Rowe Price Group Inc., has been with the firm since 1987
• Phoebe Yang, who until last month was the general manager of Amazon Web Services’ Healthcare Group, was the chief strategy officer of population health at Ascension Health and the managing director of Ascension Holdings International. She is also a director of digital health platforms Doximity and CommonSpirit Health, and served on the board of Providence Today.
GE will retain a 19.9% ​​stake in GE Healthcare after an expected spinoff in January. Shares of General Electric (ticker: General Electric) changed hands at around $69 on Oct. 17, losing about 23% of its value over the past six months.
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