Building momentum amidst still-difficult environment
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Mary Kate Mullaney
Challenging quarter that GE met head-on with better operational execution and de-risking actions
For media inquiries, please contact:
Mary Kate Mullaney
First and foremost, I hope you and your families are remaining safe and healthy as we all continue to navigate through the impact of COVID-19. While the current global environment remains challenging, GE continues to innovate and deliver for its customers in support of essential industries. The businesses are doing this while making progress on our plans to deliver on $2 billion of cost out and $3 billion of cash preservation actions to mitigate the financial impact of COVID-19 in 2020.
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.
I hope this note finds you and your family healthy and well. Over the past two weeks, GE has participated in several investor events and meetings, and has continued to take liquidity-enhancing, leverage-neutral debt actions like you saw on Monday. I thought it might be helpful to summarize them in one place for you as well as provide answers to some of the more commonly asked investor questions during that timeframe.
First and foremost, as I write this from my home “office” like many of you, I hope you and your families are staying healthy and safe during this difficult and unprecedented time around the world. The daily flow of information and pace of activity across our markets, businesses and communities impacting our employees, customers, and investors have been dynamic and humbling to say the least, but I wanted to pause for a moment to share a handful of updates.
