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GE Investor Update: Accelerating the Energy Transition

Steve Winoker
July 01, 2021

I hope your summer is off to a good start. In case you missed it, I wanted to share two important leadership changes and several other developments at GE from the last few weeks. We announced the appointment of Peter Arduini as president and CEO of GE Healthcare, effective January 3, 2022, who will succeed Kieran Murphy. We also announced the appointment of Jan Kjaersgaard, who will succeed John Lavelle as CEO of our Offshore Wind business. I’m excited to welcome Pete and Jan to the GE team.

As for our other businesses, GE Aviation CEO John Slattery recently presented at virtual investor meetings, where he shared key business highlights including recent commercial accomplishments and technology advancements like the launch of the CFM RISE program. You can see a copy of John’s presentation here.

We remain focused on leading the energy transition, where gas has an important role to play. Today, the 1.4GW Track 4A natural gas-fired plant in Malaysia, which is powered by 9HA.02 turbines, has been named POWER Magazine’s plant of the year. Looking to the future, GE Power CEO Scott Strazik delivered a keynote speech at Reuters’ Global Energy Transition event, discussing how the next decade for GE must be one of action – driving decarbonization for all energy use sectors, starting with power generation. GE Gas Power’s Emergent Technologies Director for Decarbonization Jeff Goldmeer presented at BofA’s Hydrogen Conference on different strategies for decarbonization of the power sector, highlighting the recent memorandum of understanding between GE and IHI Corporation to research the potential use of ammonia as a power generation fuel. The companies will examine possible innovative approaches to using ammonia, which is carbon-free and easier to transport than other options, and develop a roadmap across Asia exploring the potential use of ammonia to lower CO2 emissions in both new and existing gas turbines.

Finally, you may recall that GE previously announced a 1-for-8 reverse stock split that shareholders approved back in May. We recently announced that GE common stock will begin trading on a split-adjusted basis on August 2, 2021. You can find additional information on GE’s reverse stock split on our Investor Relations website.

Thank you for your continued interest in GE.