One of the world’s oldest and most trusted companies just entered a new era.
Originally known as General Electric when it started 125 years ago, GE has announced plans to split itself into three distinct companies—focused on healthcare, energy, and aviation.
GE HealthCare will be the name of GE’s healthcare business. GE’s existing energy portfolio of businesses, including Renewable Energy, Power, Digital, and Energy Financial Services, will sit together under the brand name GE Vernova—merging “ver” from verdant meaning green with “nova” or new, building on its hope of being innovative in sustainability. GE Aerospace will be the name of GE’s aviation business.
GE HealthCare will be listed on the Nasdaq under the ticker symbol GEHC, in hopes to benefit from the exchange’s profile and track record as a market for innovative, technology-led public companies.
“Today marks a key milestone in GE’s plan to become three independent, laser-focused companies,” says GE CEO Larry Culp. “Leveraging GE’s multibillion-dollar global brand gives us a competitive advantage in our end markets, allowing these businesses to win in the future. Built on a foundation of lean and innovation, these brands will continue our mission of building a world that works and provide our customers with an important reminder of the strengths they value in GE.”
Beginning in 2023, the GE HealthCare name and Monogram will hope to capitalize on the growing healthcare industry. The company aims to be at the forefront of provider and patient care with more than 4 million product installations and 2 billion patient exams a year.
In early 2024, GE plans to execute the spin-off of GE Vernova, GE’s portfolio of energy businesses, which provides much of of the world’s electricity and is focused on accelerating the path to reliable, affordable, and sustainable energy.
With an installed base of 39,400 commercial and 26,200 military aircraft engines, GE Aerospace will continue to play a vital role in supporting the industry through a historic recovery while shaping the future of flight.
The move is a striking change for this aging behemoth. Famously built-up into a massive conglomerate by the venerable CEO Jack Welch in the 1980s, the company lost tremendous value and prestige over the last 20 years—even having its stock removed from the Dow Jones Industrial Average, which represents the top 30 publicly traded stocks. Under the new leadership of CEO Culp, the company has returned to a more focused approach to its business, streamlined into these three separate parts. “We’re proud these future businesses will be able to build on GE’s DNA of innovation” says GE Chief Marketing Officer Linda Boff.