General Electric has witnessed a historic split of its organization and they have now revealed the new names of the three companies. These three new companies will operate independently under separate management. They had earlier announced this split in November 2022 and these companies will be focused in three domains namely aviation, health care and energy.
The new company name GE Vernova will include GE Renewable Energy, GE Power, GE Digital, and GE Energy Financial Services. To reflect a new and innovative ear in low carbon emissions that GE Vernova hope to deliver, this name is derived from combination of ’ver’ derived from ‘verde’ and ‘verdant’ to signal blues of the Earth and ‘nova’ from the Latin ‘novus’
The main business of GE that is the aviation business will be called GE Aerospace and this company will be headed by CEO Larry Culp. This split in GE is signaling a shift away from the corporate structure which dominated U.S. business for decades. Additionally, the business of healthcare will be named GE healthcare.
The company also announced that from now GE will be listed on the Nasdaq under the ticker symbol of ‘GECH’. This split in the business also marks the efforts of its legendary CEO Jack Welch who expanded the growth of GE in the 1980s. GE is still remembered by people for making light bulbs in the late 19th century.
The purpose of this split was to make GE a predominantly an aviation focused company which will own the GE trademark and provide long-term licenses to the other companies. The new company GE Vernova is expected to start operations in early 2024.