General Electric Co.’s General Counsel Michael Holston, is bracing to retire as the firm concludes its split into three distinct businesses. Holston, an ex-Big Law partner and previous federal prosecutor, has served six years at Boston-based GE. The corporation disclosed his plans in an annual proxy statement filed late Thursday, prior to the completion of GE’s long-awaited division into standalone public aerospace, energy, and healthcare companies next month.
About his tenure and efforts towards the transformation of the company, H. Lawrence Culp Jr., chairman and chief executive at GE, expressed his appreciation. He stated that Holston provided remarkable partnership and counsel to the company as a general counsel and corporate secretary. Culp likened Holston’s role to a football player, moving around the field and always engaging with the action.
The company’s proxy filing also revealed that Holston received over $8.2 million in total compensation last year. This includes a $1.5 million basic salary, roughly $3 million in non-equity incentive plan compensation, and over $3.3 million in stock and option rewards. Holston presently owns approximately $14 million worth of GE shares, with securities filings showing that he has sold off almost $26 million in GE stock within the last year.
GE expressed their recognition for Holston’s leadership and handling of the separation of GE HealthCare Technologies Inc. in January 2023 and the upcoming split of GE Vernova Inc., a power producer. Integral to shaping the board and governance structures of these companies, and GE Aerospace, Holston has proven a crucial figure in GE’s restructuring.
Holston, previously, served more than a decade as the leading legal advisor for technology titan Hewlett-Packard Co. which split into two companies back in 2015, and pharmaceutical giant Merck & Co.
Replacement counterparts have been sought after Holston’s retirement announcement. GE Vernova has appointed Rachel Gonzalez with an attractive $5.1 million pay package in 2023. Formerly a legal chief at Starbucks Corp., Gonzalez joined GE Vernova the previous year. Also, in 2022 GE HealthCare hired Frank Jimenez, a previous lawyer for Raytheon Technologies Corp., as its top counsel. In addition, John “Jake” Phillips III, a former Boeing Co. lawyer, was hired as general counsel for the aviation-focused legacy parent company, soon to adopt the name of GE Aerospace, in the previous October.
For more detailed information about the changes, legal professionals can read here.