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 candidates to be Boeing Co.’s next CEO.
Culp could remain at GE’s helm through 2028 if he and the board agree, the company said in a securities filing on Monday. The extension comes after Culp orchestrated a multiyear turnaround of the former conglomerate, culminating with the April spinoff of its energy-related businesses. That left GE Aerospace, the world’s largest maker of jet engines, as the remaining company. It separated its health-care division in 2023.
Culp’s existing contract at GE was set to expire in August. He had been cited by analysts and others as a candidate to succeed Boeing’s Dave Calhoun, who has said he plans to step down by the end of the year. For his part, Culp has downplayed that possibility, saying he intended to remain at GE Aerospace.
GE shares gained 56% this year through Monday’s close, well ahead of the S&P 500 Index’s 15% increase.