CEO Larry Culp's Overhaul Of GE Will Make Him A Billionaire
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When Larry Culp stepped into the CEO role at General Electric in 2018, he was the first outsider to lead the iconic company. Founded by Thomas Edison in 1892, GE had morphed over more than a century into a sprawling conglomerate that was struggling under $135 billion in debt.
One of Culp’s predecessors had made a costly acquisition bet, investors had fled, and the company’s market cap had shrunk to $70 billion, down more than half a trillion dollars from August 2000, when it was the most valuable company in the world. Culp turned GE’s board down twice before accepting the CEO job, but ultimately extracted a multimillion-share incentive package linked to GE’s share price. At the time, CNBC’s Jim Cramer said it was “the best performance-oriented contract I’ve ever seen.”
Spoiler alert: It paid off.
Read the full story on Forbes: https://www.forbes.com/sites/sarahwhitmire/2024/03/31/general-electric-ceo-larry-culp-to-join-small-club-of-billionaire-executives/?sh=7902b57d449b
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One of Culp’s predecessors had made a costly acquisition bet, investors had fled, and the company’s market cap had shrunk to $70 billion, down more than half a trillion dollars from August 2000, when it was the most valuable company in the world. Culp turned GE’s board down twice before accepting the CEO job, but ultimately extracted a multimillion-share incentive package linked to GE’s share price. At the time, CNBC’s Jim Cramer said it was “the best performance-oriented contract I’ve ever seen.”
Spoiler alert: It paid off.
Read the full story on Forbes: https://www.forbes.com/sites/sarahwhitmire/2024/03/31/general-electric-ceo-larry-culp-to-join-small-club-of-billionaire-executives/?sh=7902b57d449b
Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1
Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:
https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript
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Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.