General Electric Chairman and CEO Larry Culp will take the company’s aviation business, the company said in a statement.
GE’s Aviation current CEO, John Slattery, will become executive vice president and chief commercial officer. Russell Stokes, who is currently senior vice president of GE and president & CEO of GE Aviation Services, is being named CEO of Commercial Engines and Services.
Just November last year, GE started executing the split of the industrial behemoth under Culp’s leadership. Then, its healthcare and energy divisions were separated from the corporation, with the aviation unit remaining still under its control.
According to a timetable presented by the company it would complete the spinoff of its healthcare sector by early next year. Its power division will be implemented in 2024.
Culp will also face the challenge of leading GE Aviation in turbulent times, after the aviation sector is under stress and supply chain disruptions and price pressures are still impacting the industry.
Since becoming CEO in 2018, Culp has worked to ease the company’s massive debt, cut costs and simplify the operations.
“The Board and I decided it is the right time for me to take on this expanded role,” Culp, who will retain his responsibilities as GE’s chairman, said in a statement.