GE (NYSE:GE) announced today that David Joyce, vice chair of GE
and president and CEO of GE Aviation, will retire from the Company
after 40 years of service.
GE Chairman and CEO H. Lawrence Culp, Jr., said, “Over his
remarkable career, David’s leadership has established GE Aviation
as the world’s foremost aircraft engine franchise. An icon in the
aerospace industry, David has been a driver of innovation, and the
decisions made under his leadership will continue to manifest for
decades. His greatest legacy may be the thousands of leaders he has
mentored and developed throughout his career. I’d like to thank
David both personally and on behalf of the Company for his
countless contributions and service. GE Aviation’s foundation is
strong thanks to his long-term vision to position our business and
customers up for success.”
Mr. Joyce spent his entire career at GE Aviation, including 12
years as its president and CEO. He strategically invested in the
business to enable a complete renewal of its product portfolio,
including 10 different engine families, resulting in groundbreaking
improvements in fuel efficiency, emissions and noise. Under Mr.
Joyce’s leadership, Aviation became one of GE’s leading businesses,
doubling its revenue from $16.5 billion to $33 billion, growing
total backlog from $26 billion to more than $270 billion, and
industrializing advanced technologies across both commercial and
military applications. In addition, Mr. Joyce has been a driver of
innovation GE-wide, advancing state-of-the-art technologies through
GE Research and accelerating additive manufacturing applications
across the Company.
Mr. Joyce said, “My career at GE has been a lifelong gift I will
always cherish. It has been a blessing to work alongside incredible
GE colleagues and great customers around the world. I have always
been surrounded by a culture that places a premium on harnessing
the collective knowledge of such bright and talented people. I will
be forever grateful for the opportunities GE gave me to learn and
grow both professionally and personally.”
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. At GE Aviation, Mr. Slattery
will run the world-leading provider of commercial and military jet
engines and services, as well as avionics, digital solutions, and
electrical power systems for aircraft.
Culp continued, “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.
John’s relentless focus on the customer experience over decades in
the aviation industry has earned him deep relationships with many
of GE’s customers, suppliers, and partners. He is well-suited to
serve their needs as Aviation executes through the current
environment and eventual recovery.”
Mr. Slattery led Embraer’s largest business, Commercial
Aviation, typically accounting for over half of the Group’s revenue
and free cash flow as well as about 10,000 of its 18,000 employees.
During his tenure at Embraer Commercial Aviation, the E-Jet
installed base doubled, the number of operators grew by 45 percent,
the unit backlog grew by 36 percent, and the number of countries
operating the E-Jet increased by 39 percent. As chief commercial
officer and subsequently CEO of Commercial Aviation, Mr. Slattery
was responsible for the business plan for the E2 through
triple-certification of the E190-E2 in 2018, ahead of schedule,
better than original technical specification, and under budget. He
previously served as Embraer’s senior vice president of customer
finance, risk, and asset management. Prior to joining Embraer in
2011, Mr. Slattery spent 15 years in the aircraft financing and
leasing space, where he developed deep financial understanding of
airline operations and a large network of aerospace professionals
that he continued to engage at Embraer.
Mr. Slattery said, “I have long considered GE Aviation to be the
leading aviation franchise in the world, and I am humbled to take
the helm from David and lead this talented team forward. This is a
time of unprecedented change in the aerospace industry yet also an
opportunity to reimagine the future of flight and how we can best
serve our customers.”
GE Lead Independent Director Tom Horton said, “I have had a
front row seat to the impact of David’s leadership and vision that
will continue to shape the future of this business. I have also
known John for many years and have confidence that with his proven
commercial acumen, strong values, and global customer network, he
is the right leader to take GE Aviation forward.”
In order to ensure a smooth and thorough handover, Mr. Slattery
will fully assume the role of president and CEO of GE Aviation on
September 1, 2020, at which point Mr. Joyce will transition to
non-executive chair of GE Aviation through December 31, 2020. Mr.
Joyce also will continue as GE vice chair and advisor to GE
Research through December 31, 2020, and subsequently will serve as
strategic advisor to GE Aviation into 2021.
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
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 125 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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version on businesswire.com: https://www.businesswire.com/news/home/20200615005389/en/
GE Investor Steve Winoker, 617.443.3400 swinoker@ge.com
GE Media Tara DiJulio, 202.213.6855 tara.dijulio@ge.com Mary
Kate Mullaney, 202.304.6514 marykate.nevin@ge.com GE Aviation
Media Perry Bradley, 513.375.2597 perry.bradley@ge.com
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