GE Aerospace extends CEO Culp's contract till end of 2027
FILE PHOTO: General Electric Co. Chief Executive Officer Larry Culp mingles with shareholders at the company’s annual meeting in Tarrytown, New York, U.S., May 8, 2019. REUTERS/Alwyn Scott/File Photo
(Reuters) - GE Aerospace said it has extended chief executive Larry Culp's tenure till the end of 2027, with a possibility of further extension by another year, a regulatory filing showed on Monday.
The decision comes two weeks after reports suggested that Culp declined Boeing's offer to join the U.S. planemaker as its chief.
Culp, 61, took over as GE Aerospace's CEO in October 2018. The first "outsider" to get the top post in GE, he took charge at a time when the company was struggling with weak margins and a huge debt.
He steered the company through the pandemic period in 2020 when the global air travel came to a stand still, impacting GE's lucrative jet engine business.
Culp oversaw the split of the 132-year-old conglomerate into three separate companies in 2024.
During his tenure, GE's debt reduced by more than $100 billion, cash flow quadrupled and market cap increased by about $100 billion.
Culp's contract was set to end on Aug. 17, but now stands extended till Dec. 31, 2027.
(Reporting by Pratyush Thakur in Bengaluru; Editing by Mohammed Safi Shamsi)