© Reuters. FILE PHOTO: General Electric logo is seen through magnifier in front of displayed Aviation, Energy, Healthcare words in this illustration taken, November 9, 2021. REUTERS/Dado Ruvic/Illustration
(Reuters) -General Electric said on Monday it was expecting to complete the spinoff of its healthcare business by the first week of January 2023, subject to final approval from the company’s board.
Last year, the 130-year-old company outlined a plan to split into three publicly traded companies focused on energy, healthcare and aviation to simplify its business and pare down debt.
GE, which expects to retain a stake of 19.9% in the healthcare business, said Chief Executive Officer Lawrence Culp will serve as non-executive chairman of GE HealthCare.
Peter Arduini, CEO of GE HealthCare, will also serve as a director, the company said, while disclosing the names of eight additional members who will be joining the board.