GE Healthcare Spinoff On Track Despite Leadership Change
GE is replacing John Flannery as chairman and CEO with H. Lawrence Culp, formerly the chief of Danaher. But the change in leadership will not alter the company's previously announced plan to spin off GE Healthcare as a stand-alone business and make some other structural changes, the company says.
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The proposed IPO for GE's healthcare business could be off the table, CEO Lawrence Culp said as GE announced plans to sell its biopharma business to Danaher for $21.4bn. The deal will provide the conglomerate with a much needed cash injection to handle its rising debts.
GE Healthcare will become a standalone company, distinct from GE, as the conglomerate focuses on its aviation, power, and renewable energy businesses, the company announced June 26. Current GE Healthcare CEO Kieran Murphy will continue to lead the business, which will maintain the GE Healthcare brand. GE plans to monetize 20% and distribute the remaining 80% of GE Healthcare to shareholders tax-free.
Digital Health Roundup, May 2021: Immersive Technologies In Surgery Suite, ‘Smart’ Toilets And Pills, New SaMD Cybersecurity Standards
In this new roundup feature focusing on the most notable developments in digital health, we pick the key news from May.