General Electric Co has agreed to extend Chief Executive Larry Culp’s leadership of the aerospace maker until at least 2027, eliminating him as a potential candidate to become Boeing Co’s next chief executive.
GE could remain at the helm of the company until 2028 if Culp and the board agree, the company said in a securities filing Monday. The extension comes after Culp orchestrated a years-long turnaround at the former conglomerate, culminating in the spinoff of its energy-related businesses in April. GE Aerospace, the world’s largest jet engine manufacturer, is the remaining company. It separated the health care unit in 2023.
Culp’s current contract with GE expires in August. Analysts and others see him as a candidate to succeed Boeing’s Dave Calhoun, who has said he plans to step down by the end of the year. Culp, for his part, downplayed the possibility and said he plans to stay at GE Aerospace.
As of Monday’s close, GE’s shares were up 56% this year, well ahead of the S&P 500’s 15% gain.
