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.