(Reuters) – General Electric (NYSE:GE) Co said on Thursday Carolina Dybeck Happe would step down as finance chief of the industrial giant, as it prepares to complete the spin-offs of its businesses next year.

Rahul Ghai will become the CFO of GE, effective Sept. 1, while retaining his role as the finance chief of GE Aerospace, the company said in a statement.

A former A.P. Moller-Maersk executive, Dybeck Happe took over as GE’s CFO in early 2020. She helped the company lower its debt levels and stabilize cash flow, as well as navigate the turbulence brought on by the COVID-19 pandemic.

In late 2021, GE announced it would split into three public companies that would focus on energy, healthcare and aviation.

GE completed the spin-off of the healthcare unit earlier this year. It has set early next year as the target for completing the separation of its energy unit.

Last year, GE Chief Executive Larry Culp expanded his responsibilities to become the head of the firm’s aviation unit.