GE Vernova Appoints New CFO and CEO

GE Vernova, a sustainable global energy company, has revealed its new Chief Financial Officer, Kenneth Parks, as part of the finalization of its leadership team prior to its planned separation from General Electric. The announcement was made through a press release on Thursday, and GE refused to provide any further comments beyond the press release. Vic Abate has also been named as the CEO of GE Vernova’s wind segment.

With the appointments of both Parks and Abate, GE Vernova has now fully assembled its leadership team in preparation for the anticipated spin-off from GE, which is slated for early 2024.

GE Vernova, encompassing a range of energy businesses, including wind and electric, is poised to contribute to the global energy transition by electrifying and decarbonizing the world, as stated in the release.

The move towards becoming an independent entity is the next step in GE’s plan to create three separate companies following the spin-off of GE Healthcare in January. The remaining entity after GE Vernova’s separation will be renamed GE Aerospace.

Leading the soon-to-be independent sustainable energy company is GE veteran Scott Strazik, who was appointed as CEO of GE Vernova in November 2021. His tenure at the company includes prior roles such as CEO for GE Power and CFO for GE Aviation’s commercial engine operations.

GE Vernova’s momentum has been evident in its pre-spin performance, with GE CEO Larry Culp highlighting record orders and improved profitability in Renewable Energy during the company’s second-quarter earnings call in July.

Vic Abate, a 30-year company veteran, will assume expanded responsibilities as he becomes CEO of GE Vernova’s entire wind segment. Abate, who currently leads the onshore wind business, will take on his new role “effective immediately,” as stated in the release.

Kenneth Parks, the incoming CFO, most recently held the same role at building materials producer Owens Corning before transitioning to GE Vernova. Parks is set to depart from Owens Corning on September 15, with Todd Fister succeeding him as CFO, as detailed in a filing with the Securities and Exchange Commission.

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