(Bloomberg) -- After more than a century as one of the biggest companies in the U.S., General Electric Co. will start breaking up in 2023, ultimately creating three stand-alone entities. As separate businesses, GE said, each will be able to focus more sharply on operations, better tailor its capital spending, have dedicated boards and create “distinct and compelling” investment profiles.
Here's how it's expected to shake out:
Health Care
- Spinning off in early 2023
- Makes medical imaging scanners, ultrasound devices, other health-care technology
- 2020 revenue; employees: $18 billion; 47,000
- Peter Arduini to be chief executive officer (joining GE in January 2022 from Integra LifeSciences Holdings Corp.)
- Current GE CEO Larry Culp to serve as nonexecutive chairman
Energy
- Spinning off in early 2024
- Makes and/or services wind, gas and steam turbines for providing electrical power
- 2020 revenue; employees: $33.3 billion; 74,000 for power and renewable energy combined (digital not reported separately)
- Scott Strazik, currently head of GE gas power, to be CEO
Aviation
- Makes and services jet engines for commercial and military aircraft
- 2020 revenue; employees: $22 billion; 40,000
- Left standing in 2024 when energy spins off
- John Slattery continues as CEO
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