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CHICAGO - GE HealthCare (NASDAQ:GEHC), currently trading at $58.75 near its 52-week low and showing signs of undervaluation according to InvestingPro analysis, has announced the appointment of Jeannette Bankes as the new president and CEO of its Patient Care Solutions division, effective May 1, 2025. Bankes, who brings over 30 years of experience in the healthcare industry, will be succeeding Tom Westrick, who is set to retire at the end of May after more than two decades with the company.
Peter Arduini, GE HealthCare's president and CEO, expressed confidence in Bankes's ability to lead and advance the company's precision care strategy. The appointment comes as the company maintains strong financial health with a market capitalization of $26.87 billion and annual revenue of $19.67 billion. Bankes's career includes significant roles at Alcon, where she was most recently senior vice president and president of Global Franchises, as well as leadership positions at Boston Scientific and Merck.
Bankes's expertise encompasses product management, marketing, sales, regulatory affairs, medical operations, and manufacturing. Her appointment is seen as a strategic move to strengthen GE HealthCare's leadership as the company continues to focus on innovation and personalized care.
In her role at Alcon, Bankes was responsible for overseeing product development and commercialization across surgical, vision care, and ocular health businesses on a global scale. Her tenure at GE HealthCare will begin in Waukesha, Wisconsin, where she will be based.
Westrick will assist in the transition process until his retirement, ensuring continuity for both employees and customers.
GE HealthCare, a $19.7 billion business with approximately 53,000 employees, is known for its medical technology, pharmaceutical diagnostics, and AI-enabled solutions and services. The company has been serving the healthcare sector for over 125 years and has recently been recognized as one of the 2025 Fortune World's Most Admired Companies. InvestingPro analysis reveals the company maintains healthy profitability metrics with a P/E ratio of 19.67 and is currently rated as financially GOOD. Discover comprehensive insights and additional ProTips about GE HealthCare's performance through InvestingPro's detailed research reports, available for over 1,400 US stocks.
This leadership change announcement is based on a press release statement from GE HealthCare.
In other recent news, GE HealthCare Technologies has faced significant challenges due to China's export restrictions on rare earth elements, which are crucial for the company's MRI scanners. These restrictions include gadolinium, a key component for MRI clarity, impacting GE HealthCare as MRI scanners constitute a substantial portion of its sales. Despite these hurdles, BTIG analyst Ryan Zimmerman has maintained a Buy rating for GE HealthCare, with a price target of $103.00, suggesting confidence in the company's ability to navigate these challenges. Additionally, GE HealthCare has unveiled the Revolution Vibe CT system, which aims to advance cardiac imaging technology and improve patient care through AI integration. The system, pending FDA clearance, is designed to enhance diagnostic confidence and patient comfort. In financial developments, GE HealthCare announced a Q1 dividend of $0.035 per share, payable in May 2025. The company also announced a collaboration with NVIDIA to innovate in AI imaging, focusing on autonomous X-ray and ultrasound technologies, which could alleviate healthcare professional workload. This partnership highlights GE HealthCare's continued commitment to leveraging AI to improve medical imaging processes.
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