Molly Ayala
General Electric (GE) is a multinational conglomerate that was incorporated in 1892 following a series of mergers between various companies owned by Thomas Alva Edison and the Thomson-Houston Electric Company. GE has since become a global powerhouse known for its technological advancements and industrial innovations. The company's top shareholders include Vanguard, BlackRock, Capital Research Global Investors, Edward Garden, H. Lawrence Culp Jr., and Russell Stokes. In 2021, GE announced its breakup into three separate companies: GE Healthcare, GE Aerospace, and GE Vernova, with a focus on healthcare, aerospace, and sustainable energy solutions, respectively.
| Characteristics | Values |
|---|---|
| Type of company | Multinational conglomerate |
| Headquarters | Boston, Massachusetts |
| Date of incorporation | 1892 |
| Business components | Energy solutions, jet engines, and healthcare technologies |
| Top shareholders | Vanguard, BlackRock, Capital Research Global Investors, Edward Garden, H. Lawrence Culp, and Russell Stokes |
| Largest shareholders | Asset managers |
| Largest individual investors | Company insiders, like executives and directors |
| Number of companies split into | Three |
| Names of the three companies | GE Healthcare, GE Aerospace, and GE Vernova |
| CEO and Chairman | H. Lawrence Culp, Jr. |
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What You'll Learn
General Electric's top shareholders
General Electric (GE) is a multinational industrial company that provides a range of products and services, including aircraft engines, power generation, renewable energy, aviation products, medical imaging, and financing. The company was founded by Thomas Alva Edison in 1878 or 1892 and is currently divided into three separate companies: GE Healthcare, GE Aerospace, and GE Vernova.
As of 2023, the top institutional shareholders of GE are Vanguard, Capital Research Global Investors (CRGI), and BlackRock. CRGI is the largest institutional shareholder, owning 102 million shares or 9.4% of the company, according to the company's 2023 Proxy Statement. BlackRock, a mutual fund and ETF management company, owns 67.9 million shares, representing 6.2% of total shares outstanding. Vanguard and BlackRock are primarily asset managers.
The top individual shareholders of GE are Edward Garden, H. Lawrence Culp, and Russell Stokes. Edward Garden owns more than 4 million shares, accounting for 0.37% of the company's total outstanding shares. H. Lawrence Culp, Jr., the CEO of both the GE Group and GE Aerospace, owns 1.74 million shares. Russell Stokes owns 46,433 shares.
Other notable individual shareholders include Francisco D'Souza, Thomas W. Horton, and Michael J. Holston. D'Souza is a member of the Board of Directors of MongoDB and a trustee of Carnegie Mellon University. Horton is an independent director on GE's Board of Directors and a partner at Global Infrastructure Partners.
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The company's focus on aviation
As of 2023, aviation and aerospace technologies are General Electric's biggest revenue drivers. The company has a long history in the aviation industry, dating back to the 1900s. In 1903, they hired Sanford Alexander Moss, who kickstarted the development of turbosuperchargers at GE, leading to a series of record-breaking flights.
In 2022, GE Aviation changed its name to GE Aerospace, signalling its intention to broaden its focus beyond aircraft engines. GE Aerospace is a world-leading provider of jet and turboprop engines, as well as integrated systems for commercial, military, business, and general aviation aircraft. The company has a rich history of innovation in engine design and development, with iconic engineers like Bernard "Bernie" Anderson contributing to some of the 20th century's most notable engines.
GE Aerospace's products include engines, avionics, and other systems that help aircraft operate safely and efficiently. They have also started incorporating 3D printing technologies into their manufacturing processes, such as in the design of the GE9X, the world's largest jet engine. GE Aerospace has been recognised for its research and development efforts, receiving the 1958 Collier Trophy for outstanding technical achievement in aviation for the J79 engine.
The company has several facilities dedicated to assembling jet engines and engine components, including the Lynn facility, which assembles engines for the United States Department of Defense, and secondary facilities in Bromont, Quebec; Hooksett, New Hampshire; Wilmington, North Carolina; Asheville, North Carolina; Madisonville, Kentucky; Rutland, Vermont; and Muskegon, Michigan.
GE Aerospace has also made significant investments in sustainability, advancing the development of more efficient aircraft engines compatible with alternative fuels. Their 360 Foam Wash product, for example, helps restore engine performance, leading to improved fuel efficiency.
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General Electric's history
General Electric (GE) was incorporated in 1892 following a series of mergers between various companies owned and operated by Thomas Alva Edison and the Thomson-Houston Electric Company. Edison remained associated with the company through his patents and consulting duties. GE went on to produce one of the largest lines of electrical industrial and consumer goods in the world. In 1900, the company established an industrial research laboratory, where many of its later products were developed by in-house scientists.
GE was one of the eight major computer companies of the 1960s, alongside IBM, Burroughs, NCR, Control Data Corporation, Honeywell, RCA, and UNIVAC. The company had a line of general-purpose and special-purpose computers, including the GE 200, GE 400, and GE 600 series.
In 1985, GE reacquired the RCA Corporation, primarily to gain ownership of the NBC television network. This merger was the largest non-oil company merger in world business history. From 1986 until 2013, GE owned the NBC television network through its purchase of RCA. In 1997, Genpact was founded as a unit of General Electric in Gurgaon, providing outsourcing services for GE Capital. In 2001, GE acquired Spanish-language broadcaster Telemundo and incorporated it into its National Broadcasting Company, Inc. subsidiary.
In the late 2000s, following the Great Recession, General Electric began selling off various divisions and assets, including its appliances and financial capital divisions. In 2014, GE announced it was considering the sale of its Polish banking business Bank BPH. In 2016, the company opened its global operations center in Cincinnati, Ohio, supporting the company's finance/accounting, human resources, information technology, supply chain, legal, and commercial operations.
In 2021, GE announced that it would spin off its healthcare and power generation businesses, with the remainder of the company focusing on aviation. In 2023, GE completed its break-up into three separate, publicly traded companies: GE Healthcare, GE Aerospace, and GE Vernova. GE Healthcare is a global leader in medical technology and diagnostics, while GE Aerospace is a leading provider of aerospace systems and services. GE Vernova is focused on sustainable energy solutions, including wind, solar, and other renewable energy technologies.
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The company's CEO
As of 2024, the CEO of General Electric (GE) is H. Lawrence "Larry" Culp, Jr. He is the first outsider to run GE in the company's 126-year history. Culp joined the GE board of directors in April 2018. Prior to joining GE, Culp worked at Pall Corporation and Danaher Corporation in Washington, D.C. He joined Danaher in 1990 and was CEO from 2001 through 2014. He was appointed a group executive and corporate officer in 1995, with responsibility for Danaher’s Environmental and Electronic Test and Measurement platforms while also being President of Fluke and Fluke Networks. He was named an Executive Vice President in 1999, Chief Operating Officer in 2001, and President in 2001.
Culp's pay package at GE has attracted attention, with up to $21 million a year for four years as chairman and CEO. This includes a bonus of $47 million, with about $47 million for a 50% rise in the stock price and perhaps $300 million for a 150% increase. In 2020, Culp was offered a two-year contract extension by the board of General Electric that would last until August 2024. In June 2022, Culp extended his role as CEO of GE Aviation, in addition to GE. Following GE HealthCare's spin-off from GE in January 2023, Culp was appointed as its non-executive chairman.
Culp is also a senior advisor at Bain Capital Private Equity and a non-executive director of T. Rowe Price. He holds a bachelor's degree from Washington College and an MBA from Harvard Business School, where he was also a senior lecturer, focusing on leadership, strategy, and general management in the MBA and executive education programs.
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General Electric's subsidiaries
General Electric (GE) is one of the oldest and largest industrial conglomerates in the United States. It was founded by Thomas Edison in 1892 as a manufacturer of electrical equipment. Over the years, GE has diversified into areas such as aviation, computers, plastics, banking, and television broadcasting. GE Research has been responsible for major innovations, including the first American jet engine, the first commercial nuclear power plant, and the first synthetic diamonds.
In recent years, GE has undergone significant changes, spinning off or selling many of its subsidiaries to reduce debt and focus on core businesses. In 2024, GE completed a three-way split into three separate, publicly-traded companies: GE Aerospace, GE Vernova, and GE Healthcare. These companies are now the main business segments of GE.
GE Aerospace is a leading provider of aerospace systems and services, specialising in commercial and military aircraft engines, engine components, and electric power and mechanical aircraft systems. It also offers aftermarket support for its products. GE Aerospace has retained the GE ticker symbol and trades on the NYSE.
GE Vernova is a new company focused on sustainable energy solutions, including wind, solar, and other renewable energy technologies. It aims to help customers navigate the energy transition by providing reliable, affordable, and sustainable solutions. GE Vernova trades under the ticker symbol GEV on the NYSE.
GE Healthcare is a global leader in medical technology and diagnostics, offering a wide range of products and services to healthcare providers. Its portfolio includes medical imaging systems, patient monitoring devices, and diagnostic equipment, which help healthcare professionals diagnose and treat patients more effectively. GE Healthcare trades on the NASDAQ under the ticker symbol GEHC.
In addition to these main subsidiaries, GE has had several other notable divisions and partnerships over the years. GE was once the owner of the NBC television network through its subsidiary RCA, which it reacquired in 1985. GE also founded GE Capital International Services (GECIS) in 1997, which later became Genpact, an independent business providing services in customer service, finance, and information technology.
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Frequently asked questions
General Electric (GE) is owned by a number of shareholders, with the top ones being Vanguard, BlackRock, Capital Research Global Investors, Edward Garden, H. Lawrence Culp, and Russell Stokes.
The largest shareholders of General Electric are asset managers like Vanguard and BlackRock.
The largest individual investors are company insiders, like executives and directors.
The top individual shareholders are Edward Garden, H. Lawrence Culp, and Russell Stokes.
After transitioning from its conglomerate-centric model, General Electric now focuses on three main business components: energy solutions, jet engines, and healthcare technologies.
