General Electric (GE) announced the completion of its management team for its power generation business, which is set to be spun out as a separate company in the coming months.
Ken Parks Joins as CFO of GE Vernova
Ken Parks has been appointed as the Chief Financial Officer (CFO) of GE Vernova, the company’s power-generation business. Parks, who previously held the position of CFO at Owens Corning (OC), brings with him nearly 40 years of experience in finance. His addition to the GE Vernova leadership team is expected to contribute unique and valuable expertise, according to Vernova CEO Scott Strazik.
Vic Abate Takes Over as CEO of GE Vernova Wind Business
Vic Abate will assume the role of CEO of GE Vernova’s wind business. Abate, who currently leads the onshore wind power division of GE Vernova, is now advancing to a more prominent position within the company.
A Positive Sign for Vernova Spinoff
The appointments of Parks and Abate serve as indicators that the Vernova spinoff is progressing as planned. The separation of GE Vernova into a standalone entity is scheduled to take place around the beginning of 2024. Last year, GE HealthCare Technologies (GHEC) underwent a similar spinoff, leaving GE with its aerospace franchise as its primary focus.
Investor Sentiment and Stock Performance
In response to these developments, GE stock saw a 0.3% increase in early trading on Friday. This year alone, GE stock has surged approximately 70%, largely driven by the postpandemic recovery in the commercial aerospace industry and the company’s strategy to divide into three distinct entities. Furthermore, GE HealthCare stock has also experienced a notable 17% growth this year.
Future Prospects for Owens Corning
Meanwhile, Owens Corning named Todd Fister as its new CFO, following Ken Parks’ departure. Fister, who has been with Owens Corning since 2014, now assumes this crucial financial role within the company.