General Electric Co. (NYS:GE) said Monday that Chief Executive Lawrence Culp was named to the additional role of CEO of GE Aviation, effective immediately. As part of the industrial conglomerate's plan to separate into three publicly traded companies, which includes spinning off GE Healthcare in 2023 and spinning off a combination of GE Renewable Energy, GE Power and GE Digital in 2024, the remaining company will be focused on aviation. GE also said Monday that Russell Stokes, currently CEO of GE Aviation Services, was named CEO of Commercial Engines and Services, GE Aviation's largest segment. GE's stock rose 0.5% in premarket trading. It has dropped 29.1% year to date through Friday, while the S&P 500 (S&P:SPX) has lost 17.9%.
June 27, 2022, 9:09 a.m. EDT