H. Lawrence Culp, chairman and CEO of General Electric (NYSE: GE) since October 2018, will serve in the additional role of CEO at the conglomerate’s aviation subsidiary.
Culp takes on more responsibility as the Boston-based company is preparing for a split-up aimed at forming three new publicly trading entities focused on the aviation, energy and health care markets, GE said Monday.
“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,” said Culp.
John Slattery, who led the aviation segment for nearly two years as president and CEO, has transitioned to new roles as the unit’s executive vice president and chief commercial officer.
The company added that Shane Wright, chief financial officer and chief operating officer of GE Aviation, plans to retire from the company after a 34-year career.
Rahul Ghai, EVP and CFO at Otis Worldwide, will join GE to succeed Wright as finance chief.
GE also promoted 23-year company veteran Russell Stokes to president and CEO of commercial engines and services division.