GE Aerospace (NYSE:GE) disclosed that it has extended CEO Larry Culp's tenure until the end of 2027, with the option for an additional one-year extension.
Notably, Culp's employment agreement was earlier scheduled to end on August 17, 2024.
The decision follows reports from two weeks ago that Larry Culp had declined an offer from The Boeing Company (NYSE:BA) to become its CEO, reported Reuters.
Related: Boeing's Search For New CEO Persists As Calhoun Faces Congressional Hearing
As per the report, during his tenure, GE's debt decreased by over $100 billion, cash flow quadrupled, and market capitalization grew by approximately $100 billion.
Recently, GE announced that the U.S. Army had accepted two T901-GE-900 engines for integration and testing on the UH-60 Black Hawk under the Improved Turbine Engine Program.
Also, GE Aerospace was in the headlines for developing a hybrid electric engine, aiming to power narrow-body jets by the mid-2020s.
GE stock has gained over 85% in the last 12 months. Investors can gain exposure to the stock via IShares U.S. Aerospace & Defense ETF (BATS:ITA) and TCW Transform Systems ETF (NYSE:NETZ).
Price Action: GE shares are up 1.18% at $160.84 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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