How GE CEO Larry Culp pulled off the turnaround of the century | Fortune

Fortune describes how GE CEO Larry Culp led a sweeping turnaround after seeing “Plant One” in Lynn, Massachusetts, in 2018, when the turbine-disk machining operation was producing faulty parts and drew calls to close it. Culp, 63, took over in 2018 as GE’s market value had fallen to $96 billion, down more than 80% from its September 2000 peak. The article says he reduced a crushing debt load, retooled operations, and ultimately carried out a breakup into three publicly traded companies: GE HealthCare (starting in early 2023), followed by GE Vernova and GE Aerospace, which separated in April 2024. It cites combined valuations today totaling $689 billion, with annualized returns around 30% since Culp’s arrival. It also notes GE Vernova’s stock jumped over 600% and GE Aerospace rose more than 160% as standalones.