General Electric Co. (GE) revealed the board members for its energy business, GE Vernova and GE Aerospace, as the company prepares to split the two units in the second quarter of 2023. As part of this transition, General Electric will be renamed GE Aerospace, while GE Vernova will be listed on the NYSE with the symbol “GEV”.
Stephen Angel, former CEO and current chairman of Linde Plc, has been appointed as the non-executive chair of GE Vernova, while GE’s Chief Executive H. Lawrence Culp will assume the role of chairman for GE Aerospace. Scott Strazik, the current CEO of GE Vernova, expressed his enthusiasm for the upcoming spin-off and stated that the appointment of board members is a significant milestone in their plan to establish the business as an independent company.
Despite being unavailable for premarket trading on Tuesday, GE stock has shown strong growth, increasing by 76.7% in 2023. In comparison, the S&P 500 has seen a gain of 14.9%.
With these developments, General Electric is taking decisive steps towards a successful separation of its energy business units, paving the way for a new era in the company’s future.