General Electric
has completed the management team for its power generation business, due to be spun out as a separate company in just a few months.
Thursday evening,
GE
named Ken Parks as chief financial officer of GE Vernova, the company’s power-generation business. Vic Abate was named CEO of GE Vernova’s wind business.
The pair will report to Vernova CEO Scott Strazik. Eric Gray runs the gas-power-generation business at Vernova. Gas power is the other main part of Vernova, which also sells electricity grid technologies and services.
Parks comes to GE from
Owens Corning
(OC) where he was CFO. “It’s a pleasure to welcome Ken to the GE Vernova leadership team,” said Strazik in a news release. “He brings unique and valuable experience gained over a nearly 40-year career in finance.”
The new title for Abate is something of a promotion. He currently runs the onshore wind power business for GE Vernova.
For investors, it’s a sign the Vernova spinoff is on track. GE Vernova is slated to be spun off as a separate company around the start of 2024.
GE HealthCare Technologies
(GHEC) was spun out of GE at the start of 2023. Once the Vernova spin is completed, GE will be left with its aerospace franchise.
GE stock was up 0.3% in early trading Friday, while the
S&P 500
and
Dow Jones Industrial Average
were up 0.4% and 0.5%, respectively.
Coming into Friday trading, GE stock is up about 70% so far this year. The postpandemic recovery in the commercial aerospace industry and the plan to break up the company into three parts has improved investor sentiment.
GE HealthCare stock is up about 17% so far this year.
Owen Corning shares were flat in early trading. The company named Todd Fister as CFO. He has been with
Owens Corning
since 2014.
Write to Al Root at [email protected]
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