Sue Siegel, chief innovation officer (CIO) of industrial conglomerate General Electric (GE) and chief executive of its corporate venturing unit, GE Ventures, will leave her positions at the end of this month.
Siegel, who came in 16th on Global Corporate Venturing’s Powerlist this year, has been CEO of Healthymagination, GE’s healthtech program, since 2012. She became CEO of GE Ventures in 2013 to help distinguish the unit from predecessor GE Capital, before being promoted to CIO at its parent in 2017.
Siegel has been responsible for backing healthcare, IT, manufacturing and energy-oriented startups and managing portfolio companies on behalf of GE Ventures. She also led the unit’s licensing efforts, generating value for GE’s investments and capitalising returns.
The news comes at a time when GE is reported to be considering selling its portfolio, having planned to divest GE Ventures in January with Siegel joining genetic technology provider Illumina’s board of directors the month after.
GE head of business development John Godsman and his team will oversee GE Ventures after Siegel’s departure. The corporate business development division, which has already participated in the unit’s capital allocation decisions in the past, will also incorporate the licensing business.
The new CIO, David Mayhew, will head GE Ventures under Andrea Assarat, senior managing director of business development, while Patrick Patnode, president of licensing at GE Ventures, will continue in his role, reporting to Rob Duffy, vice-president of global business development.
Larry Culp, chairman and CEO of GE, said: “After seven years at GE… Sue’s innovative thinking and hard work helped GE explore and enter new technologies, business models, and be more closely linked to the entrepreneurial ecosystem.
“Her impact on the company will live on in the many employees she mentored.”
– Photo courtesy of Sue Siegel
