Advancing our Ambitions

Team,

One year ago today, we took an important step in our company’s transformation when we announced plans to form three independent, industry-leading, public companies focused on the growth sectors of aerospace, healthcare, and energy.

Our planned spins remain on track, despite a world that looks very different than it did last November. I’m extremely proud of what you all have achieved during this period, not only advancing our transformation into three companies, but tackling some of the world’s greatest challenges across the future of flight, precision health, and the energy transition.

As you know, first out of the gate will be GE HealthCare, where the team is working tirelessly to launch in the first week of January. This company is well positioned to continue to invest in innovation, while improving patient outcomes and customer productivity. We’ve already established a strong and diverse GE HealthCare leadership team and a Board of Directors with deep health care expertise. Pete and his leadership team will provide an update on GE HealthCare’s exciting growth and value creation opportunities at their investor day on December 8 and I join in the chorus of GE HealthCare employees who say, “Let’s go GEHC!”

I’m thrilled to be leading GE Aerospace, an exceptional business with a talented team, a highly differentiated product and technology portfolio and leading positions in the growing commercial and military sectors. We, along with the entire industry, are facing an unprecedented ramp. Our team is embracing lean more deeply, both within our four walls and with our partners, suppliers, and customers, to deliver in this dynamic environment.

At GE Vernova, our portfolio of energy businesses, we’re focused on a new era of reliable, affordable, and sustainable energy. Recent months have been meaningful, amid climate legislation in the U.S. and heightened focus on energy resiliency in Europe. ?Combining our expertise in power generation, renewable energy and digital solutions, GE Vernova is set to lead the world’s energy transition, and expected to spin in early ’24.

When I first joined GE, we were not in a position to make such an historic transformation. Thanks to your extraordinary commitment, the subsequent and very necessary steps we took to strengthen our operations with sustainable improvements, and to reduce our debt by nearly $90 billion, we have now positioned these businesses for a future as independent companies. As I relayed to you last year after we made the announcement, we received strong endorsements from our customers, investors, and countless other stakeholders, including a legendary value-creator, Warren Buffett, who said what we’ve done every step of the way has been “exactly what you should be doing” including the decision to spin.

On this anniversary of the announcement of our future path, I encourage all of you to reflect upon – and celebrate – the achievements we’ve made together as a team. While our work is never done, I am confident we have the right people in place to see our planned spins to completion and build a world that works for years ahead.

Larry