GE Vernova, a nascent power technology entity deriving from GE’s energy ventures, has announced two significant additions to its executive leadership team. This move arrives as the business positions itself for an independent launch in early 2024.
Ken Parks Joins as Chief Financial Officer
Starting October 2, 2023, Kenneth “Ken” Parks will assume his role as Chief Financial Officer (CFO) at GE Vernova. Parks boasts:
- 38 years of robust financial leadership.
- A remarkable stint as CFO for global building materials producer, Owens Corning (NYSE: OC), where he oversaw record financial outcomes over the past three years.
- Prior CFO roles at renowned global companies such as Mylan and Wesco International (NYSE: WCC).
- Experience navigating through acquisitions, emerging market positioning, and restructuring among other significant undertakings.
Ken’s extensive background also includes holding finance roles at:
- United Technologies Corp (UTC) Fire & Security
- Carrier Corporation
- York International
Furthermore, he began his finance career with Coopers & Lybrand, post his Bachelor of Science degree in Accounting from the University of Tulsa. Scott Strazik, CEO of GE Vernova, commented on the appointment: “Ken’s invaluable experience, acquired over his almost 40-year career in finance, will greatly benefit GE Vernova, especially as we gear towards our planned spin-off.”
Vic Abate to Lead the Full Wind Segment
Victor “Vic” Abate, the current head of GE Vernova’s Onshore Wind division, will immediately expand his role to oversee the entire Wind segment, including:
- Offshore Wind
- LM Wind Power businesses
Vic’s illustrious journey with GE spans over 30 years, marked by:
- Serving as CEO of Onshore Wind for the past 15 months.
- Leading GE’s Gas Power Systems (2013-2015) and the Renewable Energy businesses (2005-2013).
- Holding the title of GE’s Chief Technology Officer.
Before his tenure at GE, Abate contributed to Allied Signal and Zurn Industries, focusing on mechanical drive technology and spearheading new product development.
Expressing his confidence in Vic’s expanded role, Strazik noted, “Having worked closely with Vic for nearly a decade across GE, I’ve witnessed his transformative impact from multiple angles. GE Vernova will undoubtedly benefit from his proven leadership and operational acumen.”
About GE Vernova
GE Vernova, headquartered in Cambridge, Massachusetts, represents a deliberate global energy initiative encompassing:
- Power
- Wind
- Electrification segments
With the support of accelerator businesses in advanced research, consulting services, and financial services, GE Vernova stands out with:
- Operations in gas power, nuclear, and grids.
- A legacy spanning over 130 years, addressing global challenges.
- A dedication to accelerating the world’s electrification while pushing for decarbonization.
The name “GE Vernova” is a testament to its roots and vision. “GE” reflects a legacy of quality and innovation. “Ver”/”Verde” alludes to Earth’s flourishing ecosystems, while “Nova” signifies a fresh, innovative phase in lower carbon energy.
Aligned with its purpose, “The Energy to Change the World”, GE Vernova is poised to sculpt a future of energy that’s affordable, dependable, sustainable, and secure.
Final Remarks
These appointments are pivotal for GE Vernova, sealing the executive leadership structure as the business gears up for its anticipated spin-off. Backed by GE’s promise, the company aspires to emerge as an independent, profitable leader in the energy transition by 2024.
