The board of directors of GE Aerospace has approved a new employment agreement that extends the leadership term for H. Lawrence Culp, Jr., chairman and chief executive officer.
The new contract, effective July 1, 2024, lasts until December 31, 2027. GE also has a clause in the deal to extend the contract until December 31, 2028 “as mutually agreed by the parties”.
Culp Jr’s previous contract was set to expire on August 17, 2024.
In a statement, Culp, Jr. said he “couldn’t be prouder to be part of the GE Aerospace team” and emphasised the teams commitment to “delivering for our customers and creating value for our employees and shareholders.
“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’m excited to continue to lead this newly created standalone company into its next chapter”.
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” according to GE.
GE Aerospace lead independent director Tom Horton said of the extension that “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”.
GE Aerospace extends Culp's contract to end 2027
