Dive Brief:
- GE HealthCare CFO Jay Saccaro is leaving the company for a role outside of the medtech field.
- Saccaro’s last day with the company will be on Aug. 14. Controller and Chief Accounting Officer George Newcomb will become interim CFO while GE HealthCare looks for a successor, the company said Thursday.
- “Candidly Mr. Saccaro's departure is surprising to us,” BTIG analyst Ryan Zimmerman wrote in a research note. “We felt that he was doing a good job within the context of a challenging macro-environment. Investors were not calling for his departure.”
Dive Insight:
Saccaro has worked with GE HealthCare for three years, joining the company months after it was spun out of General Electric in 2023. During that time, Saccaro has grappled with increased prices for memory chips, tariffs and related supply disruptions.
Newcomb, who will serve as interim CFO, has more than 38 years of experience in finance leadership positions. He has been controller of GE HealthCare since 2016, and was named chief accounting officer as part of the GE HealthCare spinoff. Before that, he held finance leadership roles at GE Capital.
GE HealthCare shared preliminary second-quarter results with the CFO announcement. The company expects to report revenue growth of $5.3 billion, representing 5.7% growth year over year, and adjusted earnings per share above its prior expectation.
J.P. Morgan analyst Robbie Marcus wrote in a research note that the CFO news “adds another moving piece at a time when investors are still looking for greater consistency,” but the quarter was in line with organic sales expectations.
GE HealthCare is not changing its prior forecast of organic revenue growth of 3% to 4% for the year and adjusted earnings per share of $4.80 to $5.00.
