GE Extends CEO Contract Through 2024

General Electric (NYSE: GE) has added two years to Larry Culp's employment contract, an endorsement of the CEO's turnaround strategy and an important step toward stabilizing the once high-flying industrial conglomerate.

In a regulatory filing, the company said Culp's contract has been extended through August 2024. GE's board also revised his compensation, approving a one-time equity performance award that would pay him more than $200 million if GE's stock price doubles over the term of his contract.

General Electric's LEAP jet engine. Image source: General Electric.

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Source Fool.com