GE Chairman and CEO and GE Aerospace CEO H. Lawrence Culp, Jr. said in the press release that the spin-off "clears the way for the launches of GE Vernova and GE Aerospace, completing our transformation into three independent, investment-grade industry leaders." "Beginning April 2, both companies will be fully independent, with GE Vernova positioned to lead the energy transition guided by Scott Strazik and his team, and GE Aerospace set up to define flight for today, tomorrow, and the future," he said in the release. Press materials posted for the company's March 6 Investors Day said GE Vernova is expected to have between $34 billion and $35 billion in 2024 revenues and $700 million to $1.1 billion in free cash flow.