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Ex-Affymetrix (Santa Clara, California) (AFFX) President Siegel Tapped to Run $6 Billion GE Corporation (GE) Health Unit



5/22/2012 8:39:18 AM

FAIRFIELD, Conn., May 21, 2012 (BUSINESS WIRE) -- GE announced today that Sue Siegel has been named a GE Corporate Vice President and will serve as CEO of healthymagination, GE's $6 billion global commitment to provide better health for more people by lowering costs and increasing access.

Siegel, 52, is a 25-year industry leader with corporate and venture capital experience in growing companies that bring key enabling technologies to the forefront of biomedical research and healthcare. She joins GE from Mohr Davidow Ventures where she was a General Partner leading investments spanning enabling technology platforms, molecular diagnostics and digital health, which leveraged the convergence of these disciplines in driving personalized, consumer-driven and information-based healthcare.

"Sue Siegel's great passion for advancing healthcare is matched by her keen understanding of innovation, her sharp business sense, and her proven leadership," said GE Chairman and CEO Jeff Immelt. "As we continue to work with our partners to revolutionize health, we need a leader to connect GE with new healthcare businesses, thought leaders and governments as we seek new models of healthcare delivery and innovation, across GE and the globe. Sue is the right leader at the right time for healthymagination."

Siegel will lead healthymagination by tapping into GE's cross-company resources, scale and reach to measurably improve health cost, quality and access globally. She will oversee efforts that include:

-- Healthcare innovation such as investments via the $250 million healthymagination fund and the healthymagination Open Innovation Challenge, initially focused on early-stage breast cancer;

-- New models for health delivery such as expanding a GE-supported Breast Cancer Screening Program in the Kingdom of Saudi Arabia and GE's Cities Program which supports campaigns such as Cincinnati's Regional Health Transformation effort;

-- Consumer engagement in healthy outcomes including GE's workplace programs and community health programs

-- Product alignment that brings learning from healthymagination to GE's commercial products and;

-- Partnerships with a range of global healthcare businesses, thought leaders and governments.

Prior to joining Mohr Davidow Ventures, Siegel served as President and Director of Affymetrix, Inc., a publicly traded company that pioneered GeneChip(R) technology, which propelled the expansion of the genomics field and helped the early development of personalized medicine. During her tenure, Siegel grew the Affymetrix, Inc. from an early stage company to a gold standard platform in biomedical research and a global leader with a multi-billion dollar market cap.

Siegel's experience also includes senior leadership positions with Amersham International, now part of GE Healthcare, E.I. DuPont & Co., Eastman Kodak Co., and Bio-Rad. She also serves on a number of corporate and advisory boards including the President's Circle of the National Academies.

Siegel succeeds Mike Barber who held the position since 2009 and was named vice president and general manager molecular imaging at GE Healthcare. Healthymagination has grown to more than 50 validated products and more than $2.5 billion invested against the original $6 billion commitment.

About GE

GE /quotes/zigman/227468/quotes/nls/ge GE +0.60% works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and helping to cure the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com .

About healthymagination

Launched in May 2009, healthymagination works to bring better health to more people. GE has committed that by 2015 it will:

-- Invest $3 billion in research and development to launch at least 100 innovations that will help deliver better care to more people at lower cost.

-- Provide $2 billion in financing and $1 billion in technology to bring healthcare information technology to rural and underserved areas.

-- Reduce the cost of procedures that use GE technologies and services by 15 percent and develop products tailored to underserved regions of the world.

-- Reach 100 million more people every year with services and technologies essential for health.

For more information visit: www.healthymagination.com .

SOURCE: GE

GE

Megan Parker, 203-373-2020

Megan.Parker@ge.com


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