Dive Brief:
- Sustainable global energy company GE Vernova announced Kenneth Parks will take its top financial seat ahead of its planned spinoff from General Electric, according to a Thursday press release.
- The company also appointed Vic Abate as CEO of GE Vernova’s wind segment.
- With the appointments of both Parks and Abate, the sustainable energy company’s leadership team is now fully staffed ahead of its planned spinoff from GE, which will occur at an undisclosed time in early 2024.
Dive Insight:
Comprised of GE’s portfolio of energy businesses, GE Vernova includes wind and electric, as well as its renewable energy businesses. It is “uniquely positioned” to help drive the world’s energy transition by “continuing to electrify the world while simultaneously working to decarbonize it,” according to the Thursday release.
GE Vernova’s move to become an independent entity is the latest step in the plan to become three separate companies GE announced in 2021, with the most recent spinoff that of GE Healthcare in January. Following GE Vernova’s split, the remaining entity will be renamed GE Aerospace, according to a company webpage.
The soon-to-be independent sustainable energy company’s leadership team includes GE veteran Scott Strazik, who was appointed as CEO for GE Vernova in November 2021, according to his LinkedIn profile. His previous roles at the company include a stint as CEO for GE Power, as well as CFO for GE Aviation, commercial engine operations.
GE Vernova is “strengthening pre-spin with record orders in improving profitability at Renewable Energy and continued margin expansion at Power,” GE CEO Larry Culp said in July during the company’s second quarter earnings call. GE reported record renewable energy orders of $8.3 billion, according to the company’s earnings report for the quarter ended June 30.
Abate, a 30-year veteran of the company, currently leads GE Vernova’s onshore wind business. His responsibilities will be expanded “effective immediately” to cover the entirety of the company’s wind segment, according to the Thursday release.
Parks most recently served as CFO for building materials producer Owens Corning before making the jump to GE Vernova. Parks will depart from his role at Owens Corning effective Sept. 15, according to a Thursday press release by the Toledo, Ohio-based company which stated he was leaving for “another professional opportunity.” Todd Fister, the president of its insulation, will succeed Parks as CFO on the effective date, according to a filing with the Securities and Exchange Commission.
Kenneth Parks
Permission granted by General Electric
Parks has served as Owens Corning’s CFO for three years, according to his LinkedIn profile, and helped to implement the strategy “for the next phase of the company’s success,” he said in a LinkedIn post about his move to GE Vernova.
As the finance chief for Owens Corning, Parks received total compensation of $3.6 million for 2022, comprised of $717,501 in base salary, about $1.9 million in stock awards and $49,577 in other compensation, according to the company’s most recent proxy statement. No filing on Parks’ compensation as CFO for GE Vernova has yet been posted by the company.
GE declined to comment beyond the press release.
