H. Lawrence (Larry) Culp Jr., chairman and CEO of GE Aerospace, looks to be sticking around. The GE Aerospace board of directors on June 30 extended the contract of Culp through the end of 2027, with the possibility of a further extension through 2028, the company reported. Earlier in the month, Culp had declined an opportunity to lead beleaguered Boeing Co., according to the Wall Street Journal.
His employment agreement with GE Aerospace was set to end Aug. 17, 2024, prior to the extension.
According to an SEC filing, Culp’s new contract, with an effective date of July 1, 2024, will earn him more than $17 million in 2025, including an annual equity award valued at $15.25 million, a base salary of $2 million annually and a target annual bonus opportunity at 200% of base salary, among other compensation.
In November 2021, General Electric announced plans to divide into three businesses focused on healthcare, energy and aviation. The healthcare business separated in 2023, while GE Aerospace and GE Vernova separated into independent companies in April 2024.
Culp became CEO of GE in 2018 and in June 2022 was named CEO of GE Aerospace.
