GE Vernova announced that Chief Financial Officer Kenneth Parks will retire on April 2, 2027. He will be succeeded by Claire McDonough, currently the Chief Financial Officer of Rivian Automotive, Inc., who will assume the role effective January 1, 2027.
Key Details
- Transition Plan: Ms. McDonough will join GE Vernova as a strategic advisor on November 1, 2026. Mr. Parks will transition to a strategic advisor role on January 1, 2027, until his retirement date.
- New CFO Compensation: Ms. McDonough's compensation includes a $1 million base salary, a target annual bonus of 100% of base salary, and an annual equity award target of $5.225 million.
- Make-Whole & Sign-On Awards: To compensate for forfeited compensation, Ms. McDonough will receive a one-time equity award valued at $14.5 million and a $5 million cash sign-on payment.