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

General Electric Co. GE, +0.37% 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 SPX, +1.53% has fallen 15%.