General Electric CEO Role Expands to Head Aviation Unit
The General Electric CEO will be faced with the challenge of guiding GE Aviation through supply chain disruptions and price pressures.
The General Electric CEO will be faced with the challenge of guiding GE Aviation through supply chain disruptions and price pressures.
DALLAS - General Electric announced on Monday that Chief Executive Larry Culp will take on a larger role by leading the aviation division in place of John Slattery, who will transition into the position of Chief Commercial Officer.
In this additional position, Culp will be faced with the challenge of guiding GE Aviation through supply chain disruptions and price pressures at a time when aircraft manufacturers are ramping up production to meet travel demand. GE Aviation is an engine supplier to Boeing and the cash cow of the company.
As reported by Reuters, Culp, who will continue to serve as GE's chairman, said in a statement, that the GE Board and he determined that it was the proper moment for him to take on this extended responsibility.
In addition, the business replaced retiring chief financial officer Shane Wright with Otis Worldwide Corp executive Rahul Ghai.
H. Lawrence (Larry) Culp, Jr. is GE’s twelfth CEO and eleventh Chairman. He joined the GE Board of Directors in April 2018 and was appointed CEO of GE in October 2018.
As CEO, the engine manufacturer states that the CEO "has led GE’s transformation to become a more focused, simpler, and stronger high-tech industrial company."
Prior to joining GE, Culp served as the President and CEO of Danaher Corporation from 2000 to 2014, and during his tenure, the company increased both its revenues and its market capitalization five-fold.
Investors and analysts consistently ranked him as one of the top CEOs in annual Institutional Investor surveys, and Harvard Business Review named Larry one of the Top 50 CEOs in the world.
Culp has tried to reduce GE's debt load, reduce costs, and streamline operations since taking over as CEO. Under his leadership, the company revealed in November of last year that it would split into three businesses with a focus on aviation, healthcare, and energy.
Featured image: GE
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