GE Healthcare to be spun off by January 2023

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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.