Nascent power technology group GE Vernova has made two key appointments to its executive leadership team as the entity forged from GE’s energy businesses prepares to launch as an independent company in early 2024.
Vic Abate, whose current responsibilities include leadership of GE Vernova’s onshore wind business, becomes CEO of GE Vernova’s full wind segment, including offshore wind and LM Wind Power, a multinational wind turbine rotor blade manufacturer.
With more than 30 years of senior leadership experience with GE, Abate served as CEO of the onshore wind segment for the last 15 months and, among other positions, headed GE's gas power systems from 2013-2015.
He also headed the GE Renewable Energy businesses from 2005-2013 and currently also serves as GE’s chief technology officer. His appointment was with immediate effect.
Ken Parks, who most recently served as chief financial officer for global building materials producer Owens Corning, will take up the CFO position at GE Vernova from 2 October.
In a statement detailing the appointments, GE Vernova said Parks would bring “extensive public company CFO experience and 38 years of comprehensive financial leadership to the role, having guided organizations through dynamic environments including acquisitions, emerging market positioning, restructuring, and leadership transitions.”
During his time at Owens Corning, that company delivered record financial results and consistently exceeded guidance in each of the last three years, according to GE Vernova's statement
Scott Strazik, CEO of GE Vernova said of Parks: “He brings unique and valuable experience gained over a nearly 40-year career in finance. His proven and extensive track record in helping public companies transform and thrive will be a major asset to GE Vernova as we move towards our planned spin-off.”
In its statement, released Thursday, GE Vernova said the latest appointments complete the executive leadership team as the business prepares for the spin-off.
GE describes the new entity as a “planned, purpose-built global energy company that includes power, wind, and electrification segments and is supported by its accelerator businesses of advanced research, consulting services, and financial services."
The GE Vernova umbrella also includes GE's operations in gas power, nuclear and grids.
GE has promised to deliver a profitable “standalone, independent, investment grade leader in the energy transition” that, it says, will become profitable by 2024.