A Year of Growth and Transformation

2023 has been a year of significant change and evolution: for me, for GE and for the world around us. I know it can be hard to find time to reflect on accomplishments, but it is so important to make the time.

This was a momentous year for GE. The entire GE team worked incredibly hard to serve our customers and shareholders as we prepared to launch three independent, industry-leading, investment-grade companies that will lead in precision care, the future of flight and the energy transition. We reached impressive milestones toward this goal, all while continuing to run the business and deliver strong performance.

Like all companies, GE navigated a complex and challenging macroeconomic environment in 2023, from surging interest rates and leaps in artificial intelligence capabilities, to unprecedented supply chain disruptions. The GE team met these challenges head on, and my colleagues continue to inspire me with their skill and tenacity. I may be biased, but I truly believe the GE team is the best there is. It’s rewarding to see this recognized by others, such as GE’s recent ranking as #2 on TIME’s Best Companies for Future Leaders.  

And we can all feel proud of the net result: significant improvement across many aspects of GE’s performance, driven by robust demand and broad-based execution. Looking back on the year, I’d like to highlight a few areas where our strategic and operational efforts led to positive change:

Innovating to drive growth and create customer and shareholder value 

Throughout the year, GE continued to innovate, with GE Aerospace and GE Vernova working to solve two of the world’s most critical issues: leading the future of flight and the energy transition. When these businesses advance, it benefits us all, with three out of four engines on commercial flights and a third of global electricity powered by GE technology. Seeing the merits of this innovation-driven strategy in our business performance has been especially gratifying for me and my colleagues.

Over the past few years, we have been laser-focused on improving execution to drive long-term success. This includes reducing debt, driving continuous improvement through lean and digitization, and resizing our cost structure. The result? Improved financial and operational performance and market growth.

In 2023, the benefits of working on these efforts were clear in our financials, further validating that GE is on the right path to create value for our customers and shareholders alike. I am so proud that our work has been recognized by the investment community.

One down, two to go!

The year started off with completing our first spinoff and, in January, GE HealthCare began trading as an independent company (Nasdaq: GEHC). This was a moment of true celebration for so many members of the GE team who worked tirelessly for more than a year to make it happen. It’s not often that a company with roots in the 1800s gets to enjoy a new Founders’ Day.

The successful spinoff of GE HealthCare set the tone for the year, affirming our belief in the tremendous value that the spins would bring across the GE ecosystem: to customers, investors, employees and communities around the world.

Completing GE’s transformation

We expect to launch GE Vernova and GE Aerospace from positions of strength early in the second quarter of 2024. This is a testament to the work of our dedicated Separation Management Office. The small but mighty Finance team is playing a critical role in ensuring GE’s transition from one to three companies happens smoothly and seamlessly, and I want to thank Matteo Tarditi , Thomas Timko , Jennifer VanBelle , Rob Giglietti , Steven Winoker , Brandi Thomas (she/her) , David Soloshatz , David Burns and the entire Finance Leadership Team for their leadership and partnership.

To work at this scale and level of complexity, strong collaboration is key. For me, this means working closely with Larry Culp and the rest of the leadership team on the transformation — understanding the centers of gravity at GE and empowering the team to leverage lean and digitization to develop solutions and drive improvements.

Looking ahead

There is no doubt GE will begin the new year with strong momentum. While there is more work to do to get across the finish line, I am pleased that the biggest challenges in our transformation are behind us. I am looking forward to cheering on GE Aerospace, GE Vernova and GE HealthCare for years to come.

I wish everyone a happy and restful holiday season with those who mean the most. My family is heading to my home country of Sweden to spend time with loved ones and enjoy the holiday traditions I grew up with.

The task of the finance leader is to stay agile, embracing the unexpected while remaining focused on controlling what is controllable. As for what this time next year will look like in business, technology and innovation across the globe… I’ll be watching these spaces alongside you.

C