General Electric has agreed to extend CEO Larry Culp’s leadership of the aircraft maker through at least 2027, removing him from the list of potential candidates to become Boeing’s next CEO.
General Electric said in a securities filing Monday that Culp could remain at the helm of the company through 2028 if he and the board agree. The extension comes after Culp orchestrated a multiyear turnaround of the former conglomerate, culminating in the spinoff of its energy businesses in April. That left GE Aviation, the world’s largest maker of aircraft engines, as the remaining company. It has spun off its health care division in 2023.
Culp’s current contract at GE was set to expire in August. Analysts and others have cited 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 has downplayed that possibility, saying he intends to stay at GE Aviation.
GE shares are up 56% this year through Monday’s close, far outpacing the S&P 500’s 15% gain.