GE Announces Board of Directors for Independent Future GE HealthCare; Confirm the target spin-off times for the first week of January 2023

GE HealthCare is well on its way to the future as a leading autonomous public company in precision healthcare innovation

• Board members bring a strong mix of expertise, industry experience and diverse perspectives to help GE HealthCare lead a new era of more precise, connected and compassionate care
• The tax free spin-off is expected to be completed in the first week of January 2023
• GE HealthCare will host Investor Day on December 8, 2022 in New York, NY

BOSTON – September 12, 2022 – GE (NYSE: GE) today announced the first Board of Directors of GE HealthCare, the planned independent company to be created as a result of the spin-off from GE. The company also announced that it is targeting a spin-off date in 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., president and CEO of GE, and CEO, GE Aerospace, will serve as non-executive president of GE HealthCare. Peter Arduini, CEO of GE HealthCare, will also serve as Director. Today, GE also announced the names of eight other directors who intend to join the GE HealthCare board of directors.

Culp said, “I am thrilled with the group we have brought together to serve on the GE HealthCare Board of Directors. These directors are highly experienced and motivated by GE HealthCare’s mission and future opportunities. They offer a wide 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 skills, and leadership of digital innovation “.

Culp continued: “With this initial group of directors, we have a highly qualified and capable board that will enable GE HealthCare to get started running. The team is building significant momentum and is aiming for a spin-off during the first week of January, and having our Board in office is a key milestone on that path. ”

Arduini said, “As we strive to lead the new era of precise, connected and compassionate care, GE HealthCare will begin its life as an independent company with world-class advice and team. The group we are forming brings a deep understanding of the safety, quality, innovation and trust that our customers expect from GE, as well as a new mindset for our journey forward. We are thrilled to launch GE HealthCare in January as a leading standalone company in precision healthcare innovation. ”

In connection with the spin-off, GE intends to appoint the following directors to the GE HealthCare board:

  • Peter J. Arduini. Mr. Arduini has been President and CEO of GE Healthcare since January 2022 and will be appointed President and CEO of GE HealthCare in connection with the spin-off. Previously, Arduini served as President and CEO of Integra LifeSciences from 2012 to 2021, when the Integra portfolio significantly evolved into a faster growing and more profitable company through multiple acquisitions and a sustainable R&D pipeline. Prior to Integra, Arduini held various management roles at Baxter Healthcare and GE Healthcare business. Mr. Arduini serves on the boards of the Bristol-Myers Squibb Company and the Advanced Medical Technology Association.
  • H. Lawrence Culp, Jr. Mr. Culp has been GE’s President and CEO since October 2018, leading GE’s transformation to become a more focused, simpler and stronger high-tech industrial company. He has also been CEO of GE Aerospace since June 2022. Prior to joining GE, Culp was President and CEO of Danaher Corporation from 2000 to 2014. During his tenure, Danaher increased both its revenues and its market capitalization by five fold.
  • Dr. Rodney F. Hochman. Dr. Hochman has been President and CEO of Providence, a nonprofit Catholic health system, since 2016. From 2012 to 2016 he was President and CEO of Providence Health & Services, Inc., which merged with St. Joseph Health to form Providence St. Joseph Health (now Providence) in 2016. Previously, he was President and CEO of the Swedish Medical Center and held various leadership roles within the Sentara Health System. Dr. Hochman has been a non-executive director of Diversey Holdings, Ltd. since 2021 and has served as chair of the boards of the American Hospital Association and the Catholic Health Association.
  • Lloyd W. Howell, Jr. Mr. Howell has been CFO and Treasurer of Booz Allen Hamilton Holding Company (“Booz Allen”) since 2016. During his 34+ years at Booz Allen, Mr. Howell has held various management roles. From 2013 to 2016 he led Booz Allen’s Civil Commercial Group. Previously, he held the position of EVP, Client Services Office from 2009 to 2013. Mr. Howell has served on the board of Moody’s since 2021.
  • Dr. Risa Lavizzo-Mourey. Dr. Lavizzo-Mourey was a professor at the University of Pennsylvania from 1986 to 2021, serving as a professor of health equity and health policy at the Robert Wood Johnson Foundation from 2018 to 2021. From 2003 to 2017, Dr. Lavizzo-Mourey was the chief executive officer of the Robert Wood Johnson Foundation, where he led initiatives to create an accessible and inclusive health system. He also has extensive experience in the United States government. Dr. Lavizzo-Mourey has been an independent director for Better Therapeutics, Inc. since 2021, an independent director for Intel since 2018, an independent director for Merck since 2020, and an independent director for GE since 2017.
  • Catherine Lesjak. Ms. Lesjak has held a wide range of financial leadership roles over her 32-year career at HP Inc. (formerly Hewlett-Packard Company) (“HP”), from which she retired in 2019. Most recently, from 2018 to 2019, she served as HP’s interim Chief Operating Officer and previously served as HP’s CFO from 2007 to 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 at Honeywell International Inc. (“Honeywell”) since 2017. Previously, Ms. Madden was Honeywell’s Vice President, Corporate Development and Global Head of M&A for sixteen years. . During her tenure, Honeywell made approximately 100 acquisitions, with revenues of approximately $ 15 billion, and disposed of approximately 70 businesses, with non-core revenues of nearly $ 9 billion. Madden previously held several leadership roles at AlliedSignal, Honeywell’s predecessor; Shearman & Sterling; and KPMG Peat Marwick.
  • Dr. Tomislav Mihaljevic. Dr. Mihaljevic has been CEO and President of Cleveland Clinic, a global integrated health system, since 2018. Dr. Mihaljevic was previously CEO of Cleveland Clinic Abu Dhai (“CCAD”), the first US multi-specialty hospital to be replicated to outside of North America. Dr. Mihaljevic is the co-chair of the board of directors of the US-UAE Business Council and is a member of the board of directors of GE.
  • William J. Stromberg. Stromberg has been a director of T. Rowe Price Group, Inc. since 2016 and has been non-executive chairman of the board since 2021. He was CEO of Price Group from 2016-2021 and previously in a number of equity-related roles since he joined the Price Group in 1987. Previously, he was employed by Westinghouse Defense as an engineer. system. Mr. Stromberg served for nine years on the Board of Trustees of Catholic Charities, with two years as chairman of the board.
  • Phoebe L. Yang. Ms. Yang was General Manager of Amazon Web Services, Healthcare, until September 2022. Previously, she was at Ascension, where she served as Chief Strategy Officer for Population Health from 2013 to 2016 and Managing Director of Ascension Holdings International. from 2016 to 2018 She also held executive roles at The Advisory Board Company, Discovery Inc. and AOL Time Warner and was CEO of Rock Water Ventures. A life member of the Council on Foreign Relations, she has been appointed to two US presidential administrations. Ms. Yang is an independent director of Doximity, a leading digital platform for US medical professionals, and director of the board for CommonSpirit Health and formerly for Providence St. Joseph Health, two of the largest Catholic health systems in the world.

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 closer to the event.

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