USA – General Electric has announced it intends to complete the spinoff of its healthcare business by the first week of January 2023, subject to final approval from the company’s board.

GE, which expects to retain a stake of 19.9% in the healthcare business, said Chief Executive Officer Lawrence Culp will serve as non-executive chairman of GE HealthCare.

Peter Arduini, CEO of GE HealthCare, will also serve as a director, the company said, while disclosing the names of eight additional members who will be joining the board.

In connection with the spin-off, the new GE HealthCare board of directors’ additions include Dr. Rodney Hochman, president, and CEO of Catholic not-for-profit health system Providence, and Lloyd Howell, Jr., CFO and treasurer of Booz Allen Hamilton Holding Company.

The other additions include Dr. Risa Lavizzo-Mourey, former professor of health equity and health policy at the University of Pennsylvania, and independent director for Better Therapeutics, Catherine Lesjak, former interim chief operating officer at HP, and Anne Maden, senior VP and general counsel at Honeywell International.

Also making up the board of directors’ team are Tomislav Mihaljevic, CEO and president of the Cleveland Clinic healthcare system, William Stromberg, director of T. Rowe Price Group, and Phoebe Yang, general manager of Amazon Web Services, Healthcare.

GE, which expects to retain a stake of 19.9% in the healthcare business, said Chief Executive Officer Lawrence Culp will serve as non-executive chairman of GE HealthCare.

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.”

Last year, the 130-year-old company outlined a plan to split into three publicly traded companies focused on energy, healthcare, and aviation to simplify its business and pare down debt.

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