- Larry Culp to become Chief Executive Officer of GE Aviation in
addition to remaining Chairman and CEO of GE
- John Slattery to become Executive Vice President and Chief
Commercial Officer, GE Aviation
- Russell Stokes named President and CEO, Commercial Engines and
Services, GE Aviation
- Rahul Ghai to join GE as Chief Financial Officer, GE
Aviation
GE (NYSE:GE) announced today that H. Lawrence Culp, Jr. has been
named Chief Executive Officer of GE Aviation, effective
immediately, in addition to his current role as Chairman and CEO of
GE. John Slattery, current President and CEO of GE Aviation, has
been named Executive Vice President and Chief Commercial Officer of
the business.
The company also announced that Russell Stokes, current Senior
Vice President, GE and President & CEO, GE Aviation Services,
has been named President and CEO, Commercial Engines and Services
with expanded operational responsibility for Aviation’s largest
segment.
Rahul Ghai, Executive Vice President and Chief Financial Officer
of Otis Worldwide Corporation has been named Chief Financial
Officer of GE Aviation as Shane Wright, currently CFO and Chief
Operating Officer of GE Aviation, prepares to retire after 34 years
of service to GE.
Slattery, Stokes, and Ghai will report directly to Culp.
These leadership changes follow GE’s November 9, 2021,
announcement of its plan to separate GE into three independent,
industry-leading, investment-grade companies focused on the growth
sectors of Aviation, Healthcare, and Energy.
Larry Culp to become CEO of GE Aviation in addition to
remaining Chairman and CEO of GE
GE Chairman and CEO H. Lawrence Culp, Jr., said, “GE Aviation is
an exceptional business in growing commercial and military sectors
that is shaping the future of flight. There is tremendous
opportunity in aviation over the coming years, and the Board and I
decided it is the right time for me to take on this expanded role
and work even more closely with the team to support our customers,
meet the unprecedented demand ramp, and prepare for GE Aviation’s
future as an independent public company.”
GE Lead Independent Director Tom Horton said, “Larry’s extensive
operating track record is particularly valuable to lead GE Aviation
through historic industry growth while also preparing to become an
independent, investment grade public company. The Board and I are
confident Larry and the GE Aviation leadership team will continue
to strengthen this premier franchise and drive lasting growth for
its employees and shareholders.”
Slattery said, “It has been an honor leading GE Aviation over
the last two years. I am excited to be part of a tremendous
leadership team as we move closer to launching as a standalone
business. Customers and our industry partners are at the center of
everything we do at GE Aviation, and I look forward to continuing
to dedicate my time to them and ensuring we provide the best
possible support as the industry accelerates its recovery.”
Russell Stokes to lead GE Aviation’s Commercial Equipment and
Services business
Stokes has more than 25 years of GE experience, including nine
years at GE Aviation during his career. Stokes re-joined GE
Aviation in 2020 following executive leadership roles across
multiple GE divisions.
Culp said, “Russell has demonstrated exceptional leadership of
our commercial services business, strengthening its operational
performance while serving unprecedented customer demand and
navigating a dynamic external environment. I’m excited to work more
closely with him as he expands to lead commercial equipment and
services, the largest business segment within Aviation.”
Stokes said, “This is an exciting time to be part of GE
Aviation. We are embracing the power of lean and innovative
technologies to drive operational performance and manage our new
engine production and aftermarket ramps. We have an impressive
product portfolio and a talented global team committed to our
customers’ success.”
Rahul Ghai will join GE as CFO of GE Aviation; Shane Wright
to retire after 34 years of service to GE
Rahul Ghai will start as CFO of GE Aviation on August 15. Shane
Wright will ensure a smooth transition and retire later this
year.
Ghai most recently served as Executive Vice President and Chief
Financial Officer of Otis Worldwide Corporation where he oversaw
accounting, FP&A, investor relations, internal audit, tax and
treasury. Over his tenure as CFO, which included Otis’ spin-off
from United Technologies and launch as a standalone public company,
he helped the company deliver more than 30% adjusted EPS growth and
margin expansion of 100 bps between 2019 and 2021, while
significantly reducing working capital. Prior to Otis, Ghai was
Senior Vice President and CFO of Harris Corporation, where the
company grew EPS and free-cash-flow by more than 80% and more than
45% respectively over his tenure, including significant working
capital reduction and greater than 100% cash conversion ratio each
year. The Harris stock price roughly tripled during this period. In
addition, while at Harris, Ghai played an integral role in the
successful $40 billion merger with L3 Corporation, including
follow-on divestitures. Ghai also served in executive-level finance
roles at Aetna and United Technologies Corp.
Culp said, “Rahul’s proven track record as a public company CFO,
including with major transaction and spin-off experience in
relevant markets, will be a strong asset for our Aviation team. I
look forward to his partnership as we work to continue to deliver
exceptional financial, operating, and technical performance. It’s a
pleasure to welcome Rahul to the GE team.”
Ghai said, “I have long admired GE Aviation’s extraordinary team
and innovative technology, and I am thrilled to join the company at
this pivotal time. I look forward to working closely with Larry and
the team as we prepare GE Aviation for this monumental next
chapter.”
Culp added, “Shane’s financial acumen, operational focus, talent
development and mentorship, and extensive business experience have
been invaluable to GE over his 34 years with our company. Shane’s
many contributions across GE and to GE Aviation have helped build
this world-class business and team, and I’m deeply grateful to him
for his service.”
Caution Concerning Forward-Looking Statements
This document contains forward-looking statements – that is,
statements related to future events that by their nature address
matters that are, to different degrees, uncertain. For details on
the uncertainties that may cause our actual future results to be
materially different than those expressed in our forward-looking
statements, see
https://www.ge.com/investor-relations/important-forward-looking-statement-information,
as well as our annual report on Form 10-K and quarterly reports on
Form 10-Q that we file with the SEC. We do not undertake to update
our forward-looking statements.
About GE Aviation
GE Aviation, an operating unit of GE (NYSE: GE), is a
world-leading provider of jet engines, components and systems for
commercial and military aircraft. GE Aviation has a global service
network to support these offerings. For more information, visit us
at www.GEAviation.com. GE Aviation is committed to developing
technologies to reduce CO2 emissions for the future of flight.
Learn more here.
About GE
GE (NYSE:GE) drives the world forward by tackling its biggest
challenges. By combining world-class engineering with software and
analytics, GE helps the world work more efficiently, reliably, and
safely. For more than 130 years, GE has invented the future of
industry, and today it leads new paradigms in additive
manufacturing, materials science, and data analytics. GE people are
global, diverse and dedicated, operating with the highest integrity
and passion to fulfill GE’s mission and deliver for our
customers.
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GE Investor Contact Steve Winoker, 617.443.3400
swinoker@ge.com
GE Media Contact Mary Kate Mullaney, 202.304.6514
marykate.nevin@ge.com
GE Aviation Media Contact Perry Bradley, 513.375.2597
perry.bradley@ge.com
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