FILE PHOTO: The logo of U.S. conglomerate General Electric is seen on the company building in Belfort, France, October 19, 2019. REUTERS/Vincent Kessler
(Reuters) – General Electric Co (GE.N) said on Monday David Joyce, the chief executive of the company’s aviation unit, would retire after 40 years with the industrial conglomerate, and would be succeeded by Embraer (EMBR3.SA) executive John Slattery.
The change comes as the global aviation industry grapples with the disruption caused by the COVID-19 pandemic. GE said last month it was planning to cut the global workforce of its aviation unit this year by as much as 25%, or up to 13,000 jobs.
GE Aviation had previously issued furloughs impacting about 50% of its U.S. maintenance, repair and overhaul employees and new engine manufacturing.
It had also imposed a hiring freeze, canceled a salaried merit increase and dramatically reduced non-essential spending.
Slattery will assume the role of president and CEO of GE Aviation on Sept. 1, and Joyce will transition to non-executive chair of GE Aviation through December 31.
GE shares were down 3.2% at $7.02 before the bell.
Reporting by Sanjana Shivdas in Bengaluru; Editing by Aditya Soni