The Board of Directors of GE Aerospace has approved a new employment agreement extending the leadership term for H. Lawrence Culp, Jr., the company's Chairman and Chief Executive Officer. Effective July 1, 2024, this agreement extends his term through December 31, 2027, or such later date and role as mutually agreed by the parties, up to and through December 31, 2028. His prior agreement was set to terminate on August 17, 2024.
GE Aerospace Lead Independent Director Tom Horton stated, “Larry has proven to be an extraordinary Chairman and CEO for GE and now GE Aerospace and the Board is excited to have secured his leadership during this important time in the industry. The Board and I are confident that Larry and the GE Aerospace team will continue their strong execution for shareholders and drive the company's leadership in the future of flight.”
H. Lawrence Culp, Jr. commented, “GE Aerospace is an exceptional global leader in growing commercial and defence sectors with a talented team dedicated to inventing the future of flight. I couldn't be prouder to be part of the GE Aerospace team and continue to lead this newly created standalone company into its next chapter. By leveraging FLIGHT DECK, our proprietary lean operating model, we are committed to delivering for our customers and creating value for our employees and shareholders.”
Under Culp's leadership, GE Aerospace successfully launched as an independent company in April 2024. Prior to that milestone, Larry led and completed GE's multi-year transformation that strengthened its businesses both financially and operationally, reducing debt by more than US$100 billion since 2018 and enhancing operational execution by embracing lean with a relentless focus on safety, quality, delivery, and cost, in that order, to better serve customers. These efforts built a strong foundation for GE Aerospace, GE Vernova, and GE HealthCare as independent companies and, to date, those companies collectively have increased shareholder value nearly fivefold.
