This morning GE announced that David Joyce, vice chairman of GE and president and CEO of GE Aviation, will retire after 40 years of service to GE. With David’s retirement, John Slattery, Embraer’s president and CEO of Commercial Aviation, has been named president- and CEO-elect of GE Aviation, effective July 13.
Our chairman and CEO Larry Culp shared that “Over his remarkable career, David’s leadership has established GE Aviation as the world’s foremost aircraft engine franchise … We worked hard to find a worthy successor to David. In John, we have found a proven aerospace leader whose international commercial experience, strategic acumen, and industry expertise can make our leading Aviation franchise even stronger.”
Personally, I have known David for almost two decades; first with respect and admiration from the vantage point of a competitive engine business for whom I worked, then as a covering sell-side analyst for well over a decade, and most recently for the last year and a half, I was fortunate enough to call myself a colleague at GE. David has built a stellar reputation as an extraordinary leader, and that is a reputation that I can say from personal experience is well deserved. His list of professional accomplishments is long, shepherding GE, our customers and the industry through generations of aircraft propulsion while building a strong franchise and team at GE Aviation; helping develop key technologies at the Company; and working through even the most recent, difficult decisions as we work our way through the impact of COVID-19 to an even stronger business on the other side. I am grateful to David for the franchise he has helped to build, for his leadership and for his friendship over the years.
I am excited to have John join the GE team and lead GE Aviation. He brings the right combination of leadership experience of a complex, global end-to-end business, strategic and commercial skills plus industry domain expertise to lead Aviation through this challenging time period and make a good business even better. We are all excited to have him in the role.
In order to ensure a smooth and thorough handover, John will start July 13, 2020, as president- and CEO-elect of Aviation. On September 1, 2020, John will fully assume the role of president and CEO of GE Aviation, and David will transition to non-executive chair of GE Aviation through December 31, 2020. David also will continue to advise GE Global Research through December 31, 2020, and subsequently will serve as strategic advisor to GE Aviation into 2021.
As always, my team and I are available to answer any questions you may have.
Thank you for your continued interest in GE, and please stay safe.
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