GE Aerospace : Board of Directors Extends Employment Agreement for Chairman and CEO H. Lawrence Culp, Jr.

Culp's leadership secured through 2027, with an option to extend through 2028

EVENDALE, Ohio - July 1, 2024 - The Board of Directors of GE Aerospace (NYSE:GE) announced today it has approved a new employment agreement that extends the leadership term for H. Lawrence Culp, Jr., the Company's Chairman and Chief Executive Officer, effective July 1, 2024, through December 31, 2027, or such later date and role as mutually agreed by the parties up to and through December 31, 2028. His prior agreement was set to terminate on August 17, 2024.

GE Aerospace Lead Independent Director Tom Horton said, "Larry has proven to be an extraordinary Chairman and CEO for GE and now GE Aerospace, and the Board is excited to have secured his leadership during this important time in the industry. The Board and I are confident that Larry and the GE Aerospace team will continue their strong execution for shareholders and drive the company's leadership in the future of flight."

H. Lawrence Culp, Jr. said, "GE Aerospace is an exceptional global leader in growing commercial and defense sectors with a talented team dedicated to inventing the future of flight. I couldn't be prouder to be part of the GE Aerospace team and continue to lead this newly created standalone company into its next chapter. By leveraging FLIGHT DECK, our proprietary lean operating model, we are committed to delivering for our customers and creating value for our employees and shareholders."

Under Culp's leadership, GE Aerospace successfully launched as an independent company in April 2024. Prior to that milestone, Larry led and completed GE's multi-year transformation that strengthened its businesses both financially and operationally, reducing debt by more than $100 billion since 2018 and enhancing operational execution by embracing lean with a relentless focus on safety, quality, delivery and cost, in that order, to better serve customers. These efforts built a strong foundation for GE Aerospace, GE Vernova and GE HealthCare as independent companies and, to date, those companies collectively have increased shareholder value nearly fivefold.

ABOUT GE AEROSPACE
GE Aerospace (NYSE: GE) is a global aerospace propulsion, services, and systems leader with an installed base of approximately 44,000 commercial and 26,000 military aircraft engines. With a global team of 52,000 employees building on more than a century of innovation and learning, GE Aerospace is committed to inventing the future of flight, lifting people up, and bringing them home safely. Learn more about how GE Aerospace and its partners are defining flight for today, tomorrow and the future at www..geaerospace.com.