GE Aerospace Extends CEO Culp’s Contract Through 2027

Larry Culp

(Bloomberg) -- General Electric Co. agreed to keep Chief Executive Officer Larry Culp in the top job at the aerospace manufacturer through at least 2027, removing him from the field of potential candidates to be Boeing Co.’s next CEO.

Culp could helm the company, which operates as GE Aerospace, through 2028 if he and the board agree, the company said in a securities filing on Monday.

The extension comes after Culp orchestrated a multiyear turnaround of the former conglomerate, culminating with the April spinoff of its energy-related businesses. That left GE Aerospace, the world’s largest maker of jet engines, as the remaining company. It separated its health-care division in 2023.

The former Danaher Corp. CEO’s existing contract at GE Aerospace was set to expire in August. He had been seen as a candidate to succeed Boeing’s Dave Calhoun, who has said he plans to step down by the end of the year. He joins the ranks of other executives who have removed themselves from consideration for Boeing’s top job, narrowing, the list of viable candidates.

American Airlines Group Inc. Chairman Greg Smith, a former chief financial officer at Boeing, was also a candidate until taking himself out of the race last month, according to a person familiar with the matter. Carrier Global Corp. CEO Dave Gitlin publicly removed himself from consideration in April.

A $4.7 billion, three-way deal to divide airplane structures manufacturer Spirit AeroSystems Holdings Inc. between Boeing and rival Airbus SE sets up potential complications for another leading candidate: Pat Shanahan, CEO of the Wichita, Kansas-based supplier.

The deal isn’t expected to close until early-to-mid 2025. That could leave Boeing in limbo if Shanahan emerges as Boeing’s top pick, unless Calhoun stays longer or the company appoints an interim chief like board chairman Steve Mollenkopf, who is leading the CEO search.

“I can’t speak for the board, but Shanahan has to be viewed as a very strong candidate — especially as some other external candidates distance themselves,” said RBC Capital Markets analyst Ken Herbert.

(Updates with analyst commentary, details on the Boeing CEO search.)

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