GE Announces Changes to GE Aviation Senior Leadership Team

• 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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