General Electric Co. has agreed to increase CEO Larry Culp’s tenure on the aerospace manufacturer through at the very least 2027, making him now not a probable candidate to turn out to be Boeing Co.’s next CEO.
Culp could stay at GE’s helm until 2028 if he and the board agree, the corporate said in a securities filing on Monday. The extension comes after Culp led a multi-year turnaround of the previous conglomerate that culminated in April with the spin-off of its energy divisions. That left GE Aerospace, the world’s largest jet engine maker, because the remaining company. It spun off its healthcare division in 2023.
Culp’s current contract at GE was because of expire in August. Analysts and others had mentioned him as a possible successor to Boeing’s Dave Calhoun, who announced he planned to step down by the top of the yr. Culp himself played down that possibility, saying he desired to stay at GE Aerospace.
GE shares have risen 56 percent this yr through Monday’s close, well above the 15 percent rise within the S&P 500 index.
