General Electric Co. agreed to extend Chief Executive Officer Larry Culp’s leadership of the aerospace manufacturer through at least 2027, removing him from the field of potential Boeing Co. CEO candidates.
Culp could continue to lead GE until 2028 if he and the board agree, the company said in a securities filing Monday. The expansion comes after Culp planned a multi-year turnaround of the former organization, which culminated in the April exit of its energy-related businesses. That left GE Aerospace, the world’s largest manufacturer of jet engines, as the remaining company. It has divested its healthcare sector by 2023.
Culp’s current contract at GE was set to expire in August. He has been cited by analysts and others as a possible replacement for Boeing’s Dave Calhoun, who has said he plans to step down at the end of the year. For his part, Culp shrugged it off, saying he intended to stay at GE Aerospace.
GE shares have gained 56% this year through Monday’s close, ahead of the S&P 500 Index’s 15% gain.
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