Betty Larson
About Betty Larson
Betty D. Larson served as GE HealthCare’s Chief People Officer from the January 3, 2023 spin-off, having led GE’s healthcare business HR since February 2022; she resigned effective March 21, 2024 . As of FY2022/2023 filings she was 47, with degrees in psychology and an MS in HR from the University of Illinois, and an MBA from Northwestern University . GE HealthCare delivered Revenues of $19.7B in FY2024 (+1% YoY), $19.6B in FY2023, and $18.3B in FY2022; EBITDA was $3.606B*, $3.421B*, and $3.100B* respectively . In 2024, say-on-pay support was 92.6% .
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $18,341,000,000 | $19,552,000,000 | $19,672,000,000 |
| EBITDA ($USD) | $3,100,000,000* | $3,421,000,000* | $3,606,000,000* |
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| GE (Healthcare business)/GE HealthCare | Chief People Officer | Feb 2022–Mar 2024 | Led culture, brand, HR, communications; executed spin milestones and operating model changes . |
| Becton, Dickinson and Company (BD) | EVP & Chief Human Resources Officer | 2018–2022 | Led HR, communications and social investing post-Bard acquisition integration . |
| C.R. Bard | Chief Human Resources Officer | 2014–2017 | Drove HR leadership at leading medtech firm prior to BD acquisition . |
| Baxter International | Various HR leadership roles | ~16 years | Built foundational HR leadership in global healthcare company . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Baxter Credit Union | Director | Current (as of filings) | Board service . |
| Overlook Hospital Foundation | Director | Prior | Non-profit board . |
| Summit Speech School | Director | Prior | Non-profit board . |
| United Way of Lake County | Director | Prior | Non-profit board . |
Fixed Compensation
| Component | Value | Notes |
|---|---|---|
| Base Salary | $650,000 | Per offer letter . |
| Target Bonus % | 85% of base salary | Corporate AEIP/bonus framework (GE) . |
| Actual Bonus (2022 performance, paid in 2023) | $290,421 | Based on GE HealthCare segment AEIP payout and 110% individual multiplier . |
| Perquisites/Other | $272,918 | Includes relocation costs and tax gross-ups/equalization tied to new-hire relocation . |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout Basis | Payout Outcome |
|---|---|---|---|---|---|
| Organic Revenue Growth (GE HealthCare segment) | 50% | 6.7% | 7.0% | AEIP | 52% metric result . |
| Profit ($M) | 12.5% | $3,230 | $2,705 | AEIP | 0% metric result . |
| Organic Margin Expansion (bps) | 12.5% | 80 | -150 | AEIP | 0% metric result . |
| Free Cash Flow ($M) | 25% | $3,400 | $2,125 | AEIP | 0% metric result . |
| Safety Modifier | ±10 pts | — | +5 pts | AEIP | Applied to payout . |
| Individual Multiplier | 0–150% | — | 110% | AEIP | Applied to Larson . |
| 2022 PSUs (GE plan) | — | 3-year structure | Threshold not met | LTI | 0% payout; awards canceled . |
| 2022 Equity Grants | Grant Date | Type | Units / Value | Vesting |
|---|---|---|---|---|
| New-Hire RSUs | 03/01/2022 | RSUs | 23,213 RSUs; $2,143,256 FV | Per GE 2007 LTIP; standard RSU vesting . |
| Annual RSUs | 03/01/2022 | RSUs | 11,606 RSUs; $960,745 FV | Per GE 2007 LTIP . |
| Annual PSUs | 03/01/2022 | PSUs | Target 11,394; $1,124,952 FV | 0% earned per certification . |
Note: GE HealthCare’s ongoing LTI program vests RSUs and options in three substantially equal installments at 18/30/42 months, with PSUs on a 3-year performance period (metrics: Organic revenue and cumulative adjusted EPS, with TSR modifier), aligning executives to multi-year value creation .
Equity Ownership & Alignment
| Item | Status | Notes |
|---|---|---|
| Beneficial Ownership (as of Mar 27, 2023) | 0 common shares; no RSUs/options convertible within 60 days | Per stock ownership table; Larson listed with “—” in both columns . |
| Ownership Guidelines | Executives must hold 3x base salary; hold 75% of net shares until compliant | Company policy . |
| Hedging/Pledging | Prohibited for directors/executives/employees | Company-wide restriction . |
| Clawback | Mandatory and discretionary clawbacks beyond legal minimums | Effective Oct 2, 2023 . |
Employment Terms
- Offer letter economics: Base salary $650,000; target bonus 85%; annual LTI target $2.25M (50% PSUs/50% RSUs) beginning with 2022; one-time initial RSU grant $2.25M; cash sign-on $675,000 with full repayment if voluntary departure before two years or conduct giving rise to termination for cause; eligibility for GE relocation policy through Dec 31, 2022 .
- Restrictive covenants: Non-compete and non-solicit for 12 months post-termination .
- Severance (legacy GE letter): Upon termination by GE without cause or by Larson for good reason, death/disability, or change-in-control without comparable offer, eligible for standard severance equal to 12 months’ base salary (hypothetical cash portion $650,000 at 12/31/2022) .
- Company-wide severance policy (context): As of 2024 proxy, leadership team severance equals 1.0x salary+target bonus for involuntary termination; 2.0x if within 24 months of a change in control; CEO at higher multiples. Note: This is program-wide context and not Larson’s offer letter .
Investment Implications
- Alignment and risk: Larson’s compensation emphasized equity (multi-year RSUs/PSUs), with strict ownership, clawback, and anti-hedging/pledging policies—supportive of alignment; however, her beneficial ownership within 60 days of 3/27/2023 was zero, indicating limited immediate “skin in the game” at that snapshot .
- Performance linkage: 2022 AEIP metrics were weighted to organic revenue growth, profit, margin expansion, and FCF; only revenue cleared threshold, leading to a modest bonus and zero payout on 2022 PSUs—evidence of pay-for-performance rigor in transition year .
- Contract economics: Legacy severance and 12-month non-compete/non-solicit reduce near-term retention risk to the extent severance applies, but lower CoC economics in her letter (vs. later program-wide multiples) suggest limited windfalls and controlled exit incentives .
- Governance signals: High say-on-pay support (92.6% in 2024) and robust clawback and ownership policies mitigate compensation-related red flags; relocation-related tax gross-ups were present at hire, a potential governance sensitivity but typical for executive mobility .