General Electric Co. (NYSE:GE) has laid out the leadership framework for its impending corporate split, which will see the establishment of two distinct entities, GE Vernova and GE Aerospace, by the second quarter of 2024. In a strategic move to streamline its business, GE announced on Tuesday that Stephen Angel will serve as the non-executive chairman of GE Vernova. Angel brings his experience as the current chairman of industrial gas giant Linde (NYSE:LIN) Plc to the table.

The company also confirmed that H. Lawrence Culp, Jr., currently GE’s CEO, will take the reins of GE Aerospace, positioning the branch to pioneer advancements in aviation technology. This announcement marks a significant step in the company’s evolution and its preparation for the planned spin-off next year.

In addition to these appointments, Margaret Billson and Thomas Enders are set to join GE’s Board on December 1, 2023. Their tenure is expected to extend beyond the separation of Vernova in Q2 2024, providing continuity during this transformative period.

Scott Strazik, who will lead GE Vernova, acknowledged the delineation of leadership roles as a critical milestone in the company’s restructuring process. Investors have responded positively to GE’s strategic initiatives throughout 2023, with GE’s stock surging by 76.7%, a stark contrast to the S&P 500’s moderate increase of 14.9%. Notably, this uptick in GE’s market performance occurred despite no changes observed in Tuesday’s pre-market trading.

The impending split is anticipated to unlock value for shareholders by creating two industry-leading, focused enterprises. Upon completion of the spin-off, GE Vernova will begin trading on the New York Stock Exchange under the ticker “GEV.” The reorganization is poised to enhance operational efficiency and allow each business to tailor its strategies to its respective markets.