GE confirms on track for spinoff of GE HealthCare the first week of Jan. 2023

General Electric Co. said Monday it's on track for the targeted spinoff of GE HealthCare the first week of Jan. 2023. The company said it would create a board of directors for the business following the spinoff. GE Chairman and CEO Lawrence Culp will be non-executive chairman of the new company, while Peter Arduini, currently CEO of GE HealthCare, will serve as director. The company will hold an investor day on Dec. 8 in New York. The spinoff is part of the industrial conglomerate's plan to separate into three publicly traded companies, which includes spinning off GE Healthcare in 2023 and spinning off a combination of GE Renewable Energy, GE Power and GE Digital in 2024, the remaining company will be focused on aviation. GE shares were up 0.5% in premarket trade but have fallen 225 in the year to date, while the S&P 500 has fallen 15%.

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