CEO Today Top 50 – Henry Lawrence Culp Jr

Name: Henry Lawrence Culp Jr

Net worth: Approx. $175 million Executive pay: $47 million

Company: GE Aerospace

Bio: Henry Lawrence “Larry” Culp, Jr., born in March 1963, is an American corporate leader currently serving as the chairman and CEO of GE Aerospace. He holds the distinction of being the first external candidate to lead GE in its 126-year existence. Before his tenure at GE, Culp held positions at Pall Corporation and Danaher Corporation in Washington, D.C. He became part of Danaher Corporation in 1990 and eventually rose to the position of CEO, a role he held from 2001 to 2014. Culp was appointed to the GE board of directors in April 2018.

Culp hails from the Washington, D.C. region where he spent his formative years, being the offspring of a proprietor of a modest welding business. He completed his undergraduate studies at Washington College, and later pursued an MBA at Harvard Business School.

Culp began his tenure at Danaher in 1990 at Veeder-Root, eventually rising to the position of President in 1993. He assumed the role of group executive and corporate officer in 1995, overseeing Danaher’s Environmental and Electronic Test and Measurement platforms while concurrently serving as President of Fluke and Fluke Networks. By 1999, he was promoted to Executive Vice President, followed by appointments as Chief Operating Officer and President/CEO in 2001. Prior to his time at Danaher, Culp served as a senior lecturer at Harvard Business School, focusing on leadership, strategy, and general management in both MBA and executive education programs.

Culp currently holds the position of senior advisor at Bain Capital Private Equity and serves as a non-executive director of T. Rowe Price. The significant pay package of up to $21 million annually for four years as chairman and CEO of General Electric has garnered attention, particularly the portion linked to stock price increases, potentially reaching $47 million for a 50% rise and up to $300 million for a 150% increase. This high base pay has been criticized by Bloomberg LP as sending the wrong message. In 2020, the General Electric board offered Culp a two-year contract extension, extending his term until August 2024.

Recent reports from the Financial Times in April 2021 highlighted opposition from major shareholder advisers regarding Culp’s compensation package, which includes a $47 million bonus. In June 2022, Culp expanded his role to include CEO of GE Aviation alongside his responsibilities at GE. Following the spin-off of GE HealthCare from General Electric in January 2023, Culp was appointed as the non-executive chairman of the newly independent entity.

Quote: “We needed to drive not only better profitability, better cash for our investors, but better safety, quality delivery, and productivity performance for our own team, let alone for our customers.” – Henry Lawrence Culp, Jr