General Electric has announced the members of the board for its GE Vernova energy business ahead of its planned spin-off as a standalone company.
GE Vernova CEO Scott Strazik claimed the directors add up to a “multi-dimensional energy transition leadership and strong management and governance experience” as it gears up for a spin-off early next year.
Alongside Strazik, GE Vernova has lined up Stephen Angel, former chief executive of industrial gases giant Linde and before that a long-serving GE veteran, to serve as non-executive chairman.
Other board members include:
• Nicholas Akins, former chairman and CEO of AEP
• Arnold Donald, former president and CEO, Carnival
• Matthew Harris, founding partner of Global Infrastructure Partners
• Jesus Malave, CFO, Lockheed Martin
• Paula Rosput Reynolds, CEO, PreferWest and former CEO of Safeco and AGL Resources
• Kim Rucker, former general counsel at Andeavor and Kraft Foods Group
• Jessica Uhl, former CFO, Shell
GE announced in late 2021 that it would combine its renewable energy, power and digital operations into a single entity, later named Vernova, with a view to a spin-off as a publicly-traded entity in early 2024 “to lead the energy transition”.
Vernova forms part of a wider plan for a three-way split of the former industrial conglomerate’s energy, healthcare and aviation interests.
GE has faced a massive challenge in returning its renewables operation to profitability.
The group said in its most recent third quarter results that the renewables business pared losses by 66% to $317m from a year earlier, with onshore wind turning profitable, with the Vernova spin-off scheduled to occur early second quarter 2024.