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Listen: GE 2024 Split Tries to Save the Company’s Future

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BUSINESSWEEK | THE BIG TAKE
AN EMPIRE DIVIDED

The inside story of how GE CEO Larry Culp dismantled a 131-year-old American
giant.

By Brooke Sutherland and Ryan Beene
Illustration by Antoine Maillard

March 20, 2024 at 5:00 PM GMT+1

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Big sheets of white paper line the perimeter of a meeting room at the General
Electric Co. factory in Beavercreek, Ohio. Each sheet is scribbled on with
markers and covered with neon Post-it notes outlining the steps needed to
produce the tubes and ducts that will eventually be assembled into a jet engine.

The vibe is more elementary school science fair than American industrial icon.
But the simplicity is the point. Determining the layout for the Beavercreek
facility was tricky: The revamped plant opened last year, combining components
of production that had previously been spread out across eight different sites.
To figure out the best setup, plant leaders built a replica of furnaces, tube
benders and welding booths out of cardboard boxes. That visual, along with the
Post-it notes describing production steps such as “brazing,” “bending” and
“trimming,” makes it easier to identify and root out manufacturing
inefficiencies. The exercise also helps show visiting GE executives how the
whole thing works.

Featured in Bloomberg Businessweek, March 25, 2024. Subscribe now. Photo
illustration: Todd St. John for Bloomberg Businessweek

About 250 managers from around the world have gathered here in the Cincinnati
area, which will be the headquarters of GE Aerospace once the conglomerate
completes its slow-moving breakup in early April. One stated goal of the
executive retreat is to set a culture for the soon-to-be-standalone company.
“Culture can’t be declared,” says Farah Borges, who oversees GE Aerospace’s
assembly, test and maintenance operations. “You have to build it.” Some
declaring is still apparently necessary, because the team spent the previous day
at an event space a few miles away doing just that.

But under Chief Executive Officer Larry Culp, no leadership confab is complete
without a gemba walk. Gemba in Japanese means “actual place,” as in the actual
place where a product is made. It’s essentially a tour of operations with a
heavy emphasis on Q&A with the factory staff. The practice is central to lean
manufacturing, an influential operations philosophy developed by Toyota Motor
Corp. that Culp has championed at GE.

Culp at the Beavercreek factory in February. Courtesy: General Electric

Factory floor visits aren’t a radical idea for an industrial company, but GE
didn’t always do them this way. The company used to place more emphasis on
polishing a PowerPoint presentation than on drilling into the details of
manufacturing workflows, says Russell Stokes, the head of commercial jet engines
and services, who’s been at GE for more than 25 years. Somewhere between the
wrong-way financial bets that blew up in the 2008 economic crisis and a huge,
disastrous acquisition of energy assets from Alstom SA in 2015, GE, with its
persistent mindset that anyone with an MBA could run any business, forgot that
it’s a manufacturer at heart.

When Culp became CEO in 2018, GE was far too big and complicated for its own
good, and the company’s businesses weren’t bringing in enough money to support
its sky-high debts. “We were at risk of not making payroll, in a manner of
speaking,” he says. He managed to pay down more than $100 billion of the debt
through a series of well-timed divestitures. He dismantled GE Capital, its
investment arm, largely untangling the company from a financial albatross. And
then, in 2021, he announced that GE—the quintessential American conglomerate,
which at one point or another sold washing machines, credit cards, plastic
resins and TV advertising slots for NBC’s Super Bowl broadcasts—was breaking up.
None of those efforts would’ve been as successful, and perhaps wouldn’t have
even been possible, if Culp hadn’t tightened up GE’s operations and turned key
businesses into stable, cash-generating entities that could stand on their own.

Today, GE’s stock is near a seven-year high. GE HealthCare Technologies Inc.,
which split off in 2023, is up about 50% from its debut. The final piece is the
electric-grid, gas-power and wind-turbine business, which will become its own
standalone company called GE Vernova on April 2.

GE SHARE PRICE

Source: Compiled by Bloomberg

In one sense, Culp is restoring GE to its original identity as a maker of stuff.
But he’s also the guy dismantling a monument to American capitalism. From its
inception as an outlet for Thomas Edison to commercialize the lightbulb through
the era of rapid globalization embodied by Jack Welch, GE practically swallowed
entire industries. It loaned planes to companies and money to real estate
developers; for a time it even owned a large chunk of Dreyer’s Grand Ice Cream.
Most of that is gone now. Culp divested the aircraft leasing arm,
biopharmaceutical assets and the remnants of GE’s oil and gas operations and saw
through sales of its locomotive and lightbulb units. Even the GE name is on
loan. GE appliances are made and sold by China’s Haier Smart Home Co. The new GE
will just be a manufacturer of jet engines, essentially, with a few random money
pits left over from the old conglomerate, like insurance for elder care and a
Polish mortgage business. “We constantly debated what the right structure was,”
says Ed Garden, a GE board member since 2017. “But the first order of business
was fixing the underlying businesses.”

On the gemba walk, Culp and his aerospace deputies stop to meet with the plant’s
lean manufacturing leader, Cem Salahifar, who launches into an overview of the
factory’s operations. He describes the facility’s transition from a single,
giant furnace—known in manufacturing parlance as a monument—to a bunch of
smaller ones spread out around the factory floor. This eliminates the need for
employees to shuttle components back and forth and stand around waiting for the
heating process to complete. Turnaround times for this part of the production
process dropped to 30 minutes from four hours. Culp interjects: The team should
appreciate how meaningful this change was, he says, for improving efficiency. He
then asks them to find ways to rethink the monuments in their own factories. “We
like to tear down monuments,” Culp says.




GENERAL ELECTRIC THROUGH THE YEARS

The historic American company amassed a sprawling portfolio that at one time or
another included locomotives, washing machines, insurance, ­lightbulbs, MRI
machines, credit cards, real estate and the television ­network NBC.

← → Scroll through timeline to see more
1879
Thomas Edison invents the first practical incandescent lightbulb.
1882
Edison’s company constructs the first central power station in New York City.
1892
General Electric Co. is founded through the merger of Edison General
Electric Co. and Thomson-Houston Electric Co.
1919
The GE turbo-supercharger, a precursor technology to the modern jet engine,
makes its first flight.
1925
GE introduces the first hermetically sealed electric refrigerator for the home.
1930
GE develops moldable plastic.
1942
The company produces the GE I-A, America’s first jet engine, to power the Bell
XP-59.
1974
GE finalizes a joint venture with France’s Safran SA to build jet engines.
1981
Jack Welch named CEO.
1986
GE buys NBC.

1879
Thomas Edison invents the first practical incandescent lightbulb.
1882
Edison’s company constructs the first central power station in New York City.
Photographer: National Museum of American History
1892
General Electric Co. is founded through the merger of Edison General
Electric Co. and Thomson-Houston Electric Co.
1919
The GE turbo-supercharger, a precursor technology to the modern jet engine,
makes its first flight.
1925
GE introduces the first hermetically sealed electric refrigerator for the home.
1930
GE develops moldable plastic.
1942
The company produces the GE I-A, America’s first jet engine, to power the Bell
XP-59.
1974
GE finalizes a joint venture with France’s Safran SA to build jet engines.
1981
Jack Welch named CEO.
1986
GE buys NBC. Photographer: Neal Boenzi /The New York Times



To be CEO of GE is to be compared with the late Jack Welch. For most of his
two-decade reign, Welch made the company bigger, more valuable and more
profitable. But the sun began to set on the age of the conglomerate by the time
he retired in 2001, and soon other industrial giants were breaking up.
Post-Welch CEOs at GE found themselves trying to explain why it made sense to be
big for the sake of being big. Jeff Immelt, Welch’s handpicked successor, talked
up the benefits of the “GE Store,” a shared repository of technological tools
that the whole company could pull off the shelf. In reality, there was no good
reason why one company needed to sell MRI machines, jet engines and wind
turbines. Even worse, GE’s voluminous sprawl left too many places for problems
to hide.

A Leap engine at the Lafayette Engine Facility in Indiana. Photographer:
Christopher Payne/Esto/Redux
A jet engine test operation. Photographer: Christopher Payne/Esto/Redux


One of the biggest problems was GE Capital, which helped fuel stock growth
during the Welch years but proved to be a time bomb. GE had loaded up on debt to
support its ventures in corporate lending, real estate, credit cards, mortgages
and insurance. When the economic crisis arrived in 2008, GE Capital had more
than $500 billion in assets and almost as much debt, which made it the largest
financial company in the US that wasn’t technically a bank. As customers
worldwide defaulted on loan payments and investors lost their appetite for risk,
GE turned to Warren Buffett and the federal government for financial support.
Immelt cut GE’s dividend for the first time since the Great Depression. He later
sold off huge chunks of GE Capital, but it continued to haunt his successor,
John Flannery, who in 2018 disclosed a $15 billion hole in a long-term-care
insurance business Immelt had been unable to fully get rid of. The timing
couldn’t have been worse: Flannery had cut the dividend two months earlier, to
some shareholders’ dismay, and with the gas-power business in a slump and fewer
GE Capital assets, there just wasn’t enough money from its operations to keep
handing out such generous payments to investors.

GE’s stock was in free fall in 2018, and Flannery overhauled the board. One of
the new directors was Culp. A graduate of and former senior lecturer at Harvard
Business School, he’d previously been the CEO of Danaher Corp., a onetime
industrial conglomerate in its own right that’s idolized by investors for its
operational rigor. (Danaher eventually broke up, starting in 2016 with the
spinoff of the industrial products company Fortive Corp., shortly after Culp
left.)

Culp’s message: “Everybody around the boardroom, don’t panic”

Flannery announced a plan to spin off GE’s health-care business in June 2018,
but such a wholesale breakup quickly became untenable. The company couldn’t
afford it: The remaining operations wouldn’t have generated enough cash to allow
GE to pay off its mountain of debt. “We could not spin health care without
putting everything fundamentally at risk,” Culp says.

GE’s directors asked Culp if he wanted to run the company. He turned them
down—twice, he says—but an August 2018 visit to GE’s gas-power operations in
Atlanta began to change his mind. The place was a mess, he tells Bloomberg
Businessweek. “We were managing the business in a way that was probably 180
degrees from the way we ran things at Danaher,” he says. But Culp saw a path to
fix GE’s operations. His message: “Everybody around the boardroom, don’t panic.”

GE directors offer a bingo card’s worth of MBA-speak to describe how rough the
situation was. Tom Horton, former CEO of American Airlines, says he and Culp
were both “eyes wide open” when they joined the board together in 2018: “Once we
got under the hood, the challenges were more substantial than maybe we
anticipated.”


GENERAL ELECTRIC THROUGH THE YEARS (CONTINUED)

← → Scroll through timeline to see more
2000
2001
GE and Honeywell abandon a planned merger after antitrust authorities in the
European Union block the deal.
2001
Jack Welch retires; Jeffrey Immelt named CEO.
2002
GE buys Enron’s wind-turbine manufacturing business.
2007
GE sells its plastics division for $11.6 billion.
2013
GE Capital deemed “too big to fail” by US government; GE sells remaining
NBCUniversal stake to Comcast.
2016
The US removes GE’s “too big to fail” designation; GE sells its home appliances
business to China’s Haier.
2017
Immelt retires as CEO; John Flannery takes over.
2018
GE announces a $15 billion shortfall in reserves at its insurance business, gets
dropped from the Dow Jones Industrial Average and discloses a $22 billion
writedown largely over the Alstom deal. Flannery is ousted; Larry Culp named
CEO.
2020
GE sells the lightbulb business and completes the sale of its biopharmaceutical
business to Danaher for $21 billion.
2021
GE sells its aircraft leasing unit to AerCap at a valuation of more than
$30 billion and announces it will split into three companies.
2023
GE spins off GE HealthCare Technologies Inc.

Two months after his visit to Atlanta, Culp was named CEO. In short order, he
slashed the dividend to $0.01 a share and killed the plan to spin off health
care. Instead, Culp brokered a deal to sell GE’s biopharmaceutical unit to his
former employer Danaher. GE received $21 billion in cash for the business, which
makes equipment and materials used to manufacture drugs, and offloaded $400
million in pension obligations to Danaher. The transaction was completed in
March 2020, about three weeks after the onset of the Covid-19 pandemic brought
air travel to a halt, creating an existential challenge for the company’s jet
engine business. “I don’t know what would have happened if we hadn’t closed that
deal,” Culp says.

GE directors thought the pandemic had made Culp’s job harder, and they wanted to
give their CEO another reason to stick with it. In August 2020, the board
altered the terms of Culp’s compensation package to give him more time to reach
performance targets for a one-time stock bonus and make it meaningfully easier
for him to have access to the top payout of about $230 million. Shareholders
representing a majority of voting stock opposed the pay deal, but their vote was
nonbinding, and the board had already approved the changes anyway. Culp accessed
the top tier of the equity grant in July 2023, and the shares will vest next
year unless he retires before then. (GE later curbed other aspects of Culp’s
compensation.) “We were securing Larry’s leadership for a longer period of time,
and that’s proven to be certainly in shareholders’ interest,” Horton says.

There are parallels between Culp and Welch, a company legend who was also
legendarily well-compensated. The underlying principles of the lean
manufacturing philosophy Culp preaches aren’t all that different from Welch’s
cult of Six Sigma, another corporate dogma focused on measuring the rate of
operational defects and eliminating inefficiencies. But the two are otherwise
very different. Welch’s habit of ranking employees by performance and summarily
firing the bottom 10% created a culture of mistrust. Employees who survived
layoffs started to think they were the smartest people in the industry, a
mentality that persisted after Welch retired and GE began to fade.



Culp has been programming a new mantra into his subordinates, adapted from his
time at Danaher: We’re not perfect. “You’ll have some home runs, but you don’t
need them every day,” says Jim Lico, who worked for Culp at Danaher and is now
president and CEO of Fortive. “No one is perfect.” That kind of talk might’ve
gotten a Welch-era executive fired, but it’s part of Culp’s belief in continuous
improvement that his team routinely parrots.

This often manifests with seemingly small changes that can make a big impact on
productivity over time. In one instance, GE reduced the distance a part must
travel around its plant in Greenville, South Carolina, by about 3 miles, says
Scott Strazik, the CEO of the soon-to-be-spun-out energy business GE Vernova.
Even something as small as reorganizing the toolboxes used by turbine repair
technicians can make a big difference. “There’s a long way to go,” Strazik says.
GE Aerospace is trying to get its many factories to coordinate more with one
another and with the teams that handle contract reviews and other back-office
tasks. That process isn’t “perfect,” even if it has improved, says Kayla Ciotti,
materials and planning leader at GE Aerospace. “Ten years ago, we had brick
walls. Five years ago, we had screen doors,” she says. “The door is open now.
There’s no door.”

In contrast with the cutthroat culture at Welch’s GE, Culp’s employees will get
some leeway if they do walk into walls. “That doesn’t mean that if you screw
something up and you do it repeatedly, there isn’t responsibility to bear,” Culp
says. “But a problem-solving culture is far more effective operationally than a
finger-pointing culture.”



Brian Carlson remembers his first gemba walk with Culp. Carlson, who runs the
1.2-million-square-foot GE factory in Schenectady, New York, that makes power
plant generators, watched Culp stop at one production line in 2019 to inspect a
reel of copper wire, which workers fashion into long, braided slabs bent like
hockey sticks at both ends. Known as stator bars, these parts are installed
inside the guts of enormous generators, which can weigh more than 400 tons. Culp
was checking the manufacturing date on a reel of wire. Dozens of reels were
stacked on shelves and pallets at the station, burning cash as long as they sat
unused. “Others had visited Schenectady before, but it wasn’t into that level of
detail,” Carlson says. “When Larry Culp shows up and wants to see how long your
material’s been sitting on the factory floor, that simple gesture really sets a
tone.”

The foam model at the Schenectady factory. Courtesy: General Electric

After that visit, workers cleared out a large room that once housed office space
near the factory’s entrance and spent months building a scale model of the
entire factory from hand-cut pieces of white and green foam, which they
carefully laid out on rows of folding tables. Placards hang overhead marking
each section of the factory, the largest of which declares the purpose of this
enormous diorama: “Take it to the model before you take it to the floor.”

The foam factory is now a hub of Schenectady’s operations. Factory staff
simulate projects first in the room before testing them on the factory floor.
This is part of what’s known inside GE as a kaizen event. Culp loves a good
kaizen. The Japanese term means continuous improvement and is another tenet of
lean manufacturing. It’s a method for problem-solving that Culp has pushed
throughout the company, in which executives and hourly workers dedicate a week
to improve a production process, such as the stator bars that caught his
attention during his visit in 2019. The goal is to come up with a solution by
Friday and have the new process in motion on Monday.

The old way of making stator bars involved moving parts by crane through a
26-step process that took about three months to complete. Each bar now moves on
rollers through an eight-step process in as little as three weeks. And now
there’s only enough copper wire on hand to sustain a single shift.

On an unusually warm day in late February, Carlson motions to an area on the
stator bar line where more improvement is needed. They still use a crane to
hoist bars over an active walkway that crosses through the assembly line. A fix
is in the works. “See,” he says, “we’re not perfect yet.”

“We do not intend, let me be clear, to be all things to all people”

By early 2021, Culp’s turnaround of GE was starting to take hold, but the
company was still sitting on too much debt. A solution arrived that March, when
AerCap Holdings NV agreed to acquire GE’s aircraft leasing unit. The deal would
allow GE to pay off $30 billion it had borrowed, reducing its debt to the point
where the company could realistically think about establishing three separate
businesses—in aerospace, health care and energy—that investors would actually
want to own.

Culp started mapping out a breakup plan and gave it a code name: Project Revere,
inspired by a monument to American patriot Paul Revere near Culp’s home in
Boston. He liked the history motif. As GE’s board deliberated a split-up, a
defining moment came in a PowerPoint presentation. A slide illustrated the
degree to which investors were avoiding the stock simply because it was a
conglomerate. “When you just looked at the companies that folks who really
wanted to bet on the energy transition or on commercial aerospace were invested
in, it was not with us,” Culp says.

In November, a week after the AerCap deal closed, GE announced the spinoff plan.
“Everyone felt the weight of that decision,” Culp says at GE Aerospace’s
Learning Center in Evendale, Ohio, where visitors can tour a museum of the
company’s aerospace achievements, starting with the first American jet engine.



A breakup was never the only option, but it was the best one. Although modern
conglomerates do exist (Alphabet, Amazon, Microsoft), GE’s ye olde smokestack
model wasn’t working anymore. Investors were getting burned by its bigness more
often than they were getting rewarded. The conglomerate structure is especially
limiting when it comes to spending money, says David Giroux, a portfolio manager
and chief investment officer of T. Rowe Price Investment Management. Massive
companies tend to make the wrong acquisitions and overpay for them.

One deal Culp didn’t do was to pay an acquirer to make GE’s insurance problem go
away. “There were checks back in the dark days that we could have written that
would have been akin to having people tear our eyeballs out,” Culp says. “But
you never want to be on the other side of that sort of trade.” Although GE
hasn’t done any new business in long-term-care insurance in almost two decades,
it’s still paying off claims it agreed to back for other providers. It’s now
closed the $15 billion insurance funding shortfall, and investors treat the
appendage as more of a quirk than the crisis it was in 2018. Culp says he might
get rid of the business someday. But he’s not in any rush.

After the breakup, GE Aerospace will have $25 billion of cash to spend on
dividends, share buybacks and acquisitions—with the first two taking priority.
Culp won’t say what kinds of deals GE Aerospace might do, only that he’ll look
for complementary and easily digestible assets. “We do not intend, let me be
clear, to be all things to all people,” he told investors in early March.

All of GE’s gemba walks and kaizens and the intense scrutiny of its
manufacturing operations look especially prudent after a series of high-profile
quality-control failures among its peers. RTX Corp. is recalling thousands of
jet engines because of a manufacturing glitch; Siemens Energy AG sought help
from the German government after defects in its wind turbines resulted in
massive losses; and Boeing Co. can’t even deliver its 737 Max with all the bolts
properly installed.

When there are three GEs, Culp hopes the old name still means something to
investors. He says that’s one reason he took the job in the first place: “It’s
GE.”

At the company’s off-site in Ohio, executives gathered at Carillon Historical
Park in Dayton. It’s home to the Wright Brothers’ Wright Flyer III, the first
practical airplane. This piece of aviation history sits next to Culp’s Cafe,
which serves an All-American egg sandwich and coffee for $13. The cafe has
nothing to do with GE’s CEO. It’s named after Charlotte Gilbert Culp, who
founded a baked-goods business in 1902 as a young widow in Dayton. At that time,
GE was still just an electrical company.

Read next: Boeing’s Struggles Give Airbus a Chance at Aviation Dominance

--------------------------------------------------------------------------------

Timeline images (from left): Division of Work & Industry/National Museum of
American History/Smithsonian Institution (2); WorthPoint; Thomas Edison National
Historical Park; Museum of Innovation and Science (4); Safran Heritage Center;
Museum of Innovation and Science; Neal Boenzi /The New York Times/Redux; Fred
Victorin/Tampa Bay Times/Zuma Press; Nicole Bengiveno/The New York Times/Redux;
Greg Devereaux/Marshall Independent/AP Photo; Pierre Gleizes/REA/Redux; Adam
Lerner/AP Photo; Wang Jun/ROPI/Zuma Press; Stephane de Sakutin/AFP/Getty Images;
Ilya S. Savenok/Getty Images; Museum of Innovation and Science; Christopher
Pike/Bloomberg; Nelson Ching/Bloomberg.



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