The company reported $4.37 billion for the metric after CEO Larry Culp had previously projected at least $2.5 billion. Nice work if you can get it. He was named Executive VicePresident in 1999, Chief Operating Officer in 2001, and President and CEO in 2001. H. Lawrence (Larry) Culp, Jr., is the Chairman and Chief Executive Officer of GE and Chief Executive Officer of GE Aerospace. Thomas W. Horton appointed as Lead Director. Im Alan Murray, and Im here with my fantabulous co-host, Ellen McGirt. So the application is always in context, but I think we could talk about a number of those principles. Mr. Culp owns over 65,000 units of General Electric Co stock worth over $15,194,447 and over the last 17 years he sold GE stock worth over $111,375,489. Prior to joining GE, Culp worked at Pall Corporation and Danaher Corporation in Washington, D.C. It doesnt look so easy now. I know theres always listening tours, but you seem like such a nuts-and-bolts leader, student of leadership. Events & News. Henry Lawrence "Larry" Culp, Jr. (born March 1963) is an American business executive. He joined the GE Board of Directors in April 2018 and was appointed CEO of GE in October 2018. Or are you breaking into three pieces because you believe its a better operating style? Well be talking about customers solutions growth, and I think a better financial profile going forward. Larry Culp is a Senior Lecturer at Harvard Business School and Senior Advisor at Bain Capital Private Equity. He was also given an annual stock grant valued at $15 million. He became president in 1993, executive vice president in 1999, and in 2001 was named COO and then CEO, according to Culps faculty biography at Harvard. GE's documents show Culp "voluntarily forfeited 74% of his salary in 2020 in light of the business challenges resulting from the COVID-19 pandemic" but his stock awards jumped from $15.5 million . Mary's personal network of family, friends, associates & neighbors include Mitchell Culp, Bonnie Bates, Lillie Culp, Charles Culp and Robin Cason. Culp(08:59): Yes, yes to both. How exactly did the alleged illegal activity go down? "GE CEO Culp expands role to head aviation unit", "New GE CEO Larry Culp signs stock-heavy contract worth up to $300 million if shares soar", "GE CEO's Payday Sends the Wrong Message", "GE board extends Culp's contract by two years", "Subscribe to a slice of the FT | Financial Times", "Larry Culp looks for a repeat revolution at GE", https://en.wikipedia.org/w/index.php?title=H._Lawrence_Culp_Jr.&oldid=1128265001, American chief executives of Fortune 500 companies, General Electric chief executive officers, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 19 December 2022, at 07:34. Orders were up too, and margins even expanded, suggesting that the division that makes and fixes airplane parts is firing on all cylinders. Really proud of the fact we got to a point where we generated nearly $6 billion of free cash flow last year. In healthcare, both orders and revenue were up just slightly in the first nine months of the year. Of course, Im talking about the pandemic, and then, post-George Floyds murder, really a global conversation about race and equity and justice and all of those things. There would be no payout for Culp if the stock did not increase at least 50%. Its the best performance-oriented contract Ive ever seen, CNBCs Jim Cramer said at the time. Larry also answers to Larry B Culp, and perhaps a couple of other names. New revelations about how one Trump staffer helped preserve the transfer of powerfrom the forthcoming book on the Biden White House, Report: Trump Is Blowing a Gasket Over His Joke of a Social Media Network. But at the same time, I think we have to recognize that getting this right definitely requires a new kind of corporate leadership. He is a male registered to vote in King County, Washington. Biography. Right? These days, GEs market value is around $114 billion, after nearly two decades of stumbles, poor management choices, severe changes in investor sentiment, and questions about whether a mere mortal could possibly succeed Welch. 2. Pleasure to be here. The first outsider to ever run the company, he took charge of GE in 2018, bringing with him more than a decade of success as president and CEO of the global science and technology conglomerate, Danaher Corporation. Stay up to date with the latest resources for the planned spin-offs. I think I have more company today. SHORT PROFILE; Father: Not Available: Mother: Id say top of mind, our team safety, first and foremost. That gave Culp some bragging rights that he was taking a compensation hit along with others. The $80 billion industrial conglomerate cut its full-year earnings per share forecast to between $2.40 and $2.80, compared with an earlier expectation of $2.80 to $3.50. Accomplished leaders building GEs legacy. Ellen, you want to do your lightning round? But rather than bulk up with armies of auditors and planners, Danaher's D.C. home . I joined Danaher in 1990 at Veeder-Root, becoming President in 1993. Nor does Deloitte advocate or endorse any individuals or entities featured on the episodes. All rights reserved. And as part of the transformation rule over three years ago, we talked about humility, transparency, and focus as the three leadership behaviors we wanted to instill in all the GE leaders, regardless of where they are on the org chart. In addition, he makes $24,553,800 as Chairman of the Board and Chief Executive Officer at . Loren Culp is a police chief in Republic, Washington who refuses to enforce the state's new gun laws and called to make it a "2nd Amendment Sanctuary City.". Our technology, global network, and exceptional team is fueled by a missionbuilding a world that works. He is a male registered to vote in King County, Washington. But I think all of that created opportunities for us to continue to differentiate ourselves. Managing these businesses as whole cloth, almost regardless of the size of the P&L, whether it was a $10 billion business or a billion-dollar business. Because a good bit of what we began to hear, and in turn do, was really manage, if you will, from the bottoms up. By - December 14, 2021. But I would imagine that I am not that different from a lot of folks who were working at GE when you joined, and you bring this new operating principle to them. 2023 Cond Nast. Culp breaks down how . I probably said much of that, absent the corporate spins that will occur, back in November of 2018. We know GE is going to be three much smaller companies when this is all over, I mean, still Fortune 500 companies, but smallbut yeah, theyre not tinybut you said they are going to be much stronger. He was appointed a group executive and corporate officer in 1995, with responsibility for Danahers Environmental and Electronic Test and Measurement platforms while also being President of Fluke and Fluke Networks. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Now, the new batch of about 4.65 million shares are his to keep too (assuming he stays at the company until at least 2024). GE's ( GE) beaten . [6] According to Bloomberg LP, the high base pay "sends the wrong message". He was named an Executive Vice President in 1999, Chief Operating Officer in 2001, and President as well as CEO in 2001. 1. 18 2022, Published 10:25 a.m. H. Lawrence (Larry) Culp, Jr., is the Chairman and Chief Executive Officer of GE and CEO of GE Aerospace. This is all about pairing great people with innovative technologies. So its fascinating, and for people who invested in the company, a somewhat dispiriting journey, but boy, it was a great conversation talking to Larry Culp about it. Its about the team. But I think we should start there, because everybody who listens to this podcast knows that 22 years ago, 23 years ago, GE was the most valuable company, I think, in the world, certainly the most valuable company on the Fortune 500, and its been through, at least in terms of market valuation, kind of a 20-year downhill slide. Larry F Culp (age 67) from Seattle, Wa 98115 and has no known political party affiliation. Explore GEs recent and historic SEC filings. He was the first outsider to lead GE and the first CEO to get an employment contract. As Danaher's CEO, he helped that group become what some regard as a . But Larry, youve got to tell us the story about the mens locker room, because I think thats a wonderful example. Culp(03:28): I like to be consistent, and every waking hour since the fall of 2018 really has been focused on driving the transformation of this business. All rights reserved. Ellen McGirt(00:38): Well, I will take it, and thank you so very much, Alan, and thank you all, to everyone. And in many respects, what we announced this past November is the logical extension of that effort to couple lean with a more decentralized approach. Due to a planned power outage on Friday, 1/14, between 8am-1pm PST, some services may be impacted. FAQ - New Privacy Policy. One of our experienced agents will be happy to help you get pricing information and check availability for H. Lawrence Culp, Jr. or any other celebrity of your choice. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. (The author is a Reuters Breakingviews columnist. So were not unmindful of that. If the stock increased 150%, for instance, hed get 7.5 million GE shares, worth about $233 million. But it was an opportunity to see if the team would trust me with that reality. This story has been updated with comments from a GE spokesperson that were received after publication. In Boston, its lockahroom. There is only one R. McGirt(20:00): Weve got a couple of lightning round questions at the end. Were continuing to do all we can to support our customers and employees during this unprecedented time. Murray (14:48): You sometimes use the word humility, and you talk about serving your people, which I think is a key part of your leadership style, and not every CEOs leadership style. GE's performance fell short of Wall Street's expectations, reporting both a lower revenue and earnings per share than analysts anticipated. But at the same time, I think you have to look for opportunities to show people that you can handle the truth. Creating the energy technologies of the future and improving the power networks that we depend on today. Its a different setup than the last three years, right, so Ive got to, Ive got to sort that out. in Economics from Washington College and an MBA from Harvard Business School. Now clearly the capital markets, I think, by and large favor focus pure plays. The GE Board is confident that the continued leadership of Larry Culp and his team are unquestionably in the long-term benefit of all shareholders.. He is an honor graduate of the Noncommissioned Officer Academy and the Combat Engineer School. I have to confess that Ive been thinking about leaving Fortune after I read our next guests internal communications to all his employees. Murray(02:48): October 1, 2018. He rose through the ranks at Danaher to become CEO, like legendaryCEO Jack Welch at GE: Culp joined Danaher in 1990 and worked his way up to the top position over his 24-year career with the company. I can tell by the smile on his face, he was not answering the question. And there was an opportunity therein, to just say, how has the kickoff gone? Historical records and family trees related to Larry Culp. Join Login. [Laughing from others.] Welcome to Leadership Next, the podcast about the changing rules of business leadership. larry culp political affiliation. Larry is GE's twelfth CEO and eleventh Chairman. [7] In 2020, Culp was offered a contract-extension of two years by the board of General Electric that would last until August 2024. How the University of Iowa Became Ground Zero for the Cancel Culture Wars Inside the New York Posts Bogus-Story Blowup The Mothers of 15 Black Men Killed by Police Remember Their Losses I Cant Abandon My Name: The Sacklers and Me This Secretive Government Unit Is Saving American Lives Around the World Trumps Inner Circle Is Terrified the Feds Are Coming for Them Next Why Gavin Newsom Is Thrilled About Caitlyn Jenners Run for Governor Can Cable News Pass the Post-Trump Test? From the Archive: The Life Breonna Taylor Lived, in the Words of Her Mother Not a subscriber? Tune in or catch up on GEs latest investor events and reports. And renewables, the weakest, looks set to benefit from a massive U.S. government spending package. He is Larry Culp, who is the CEO of the legendary GE, but before that, was CEO of Danaher, where he developed a real reputation for continuous improvement. In June 2022, he was appointed CEO of GE Aerospace. Lawrence Culp currently lives in Martinez, CA; in the past Lawrence has also lived in Soda Springs CA. And are the rules of leading teams different, or or are they the same? As the stock prices of other big industrial and technology companies soared, GEs fell about 10%, to around $10.80 at the end of 2020, from around $12 at the beginning of the year. by. Chief Executive Larry Culp said that the companys plan to break up was on track, with the spinoff of the healthcare division ready to go in the first week of January. Larry joined Danaher in 1990 at Veeder-Root, becoming Presidentin 1993. There were a lot of Tom Brady references in your internal comms that I had to scratch out, but that was delightful. Read GEs 2022 Proxy Statement, vote your shares and access the 2022 Annual Meeting. But he also revealed several tidbits about the company . Secondly, probably making sure were doing all we can in our health care business to help modernize the overall system from here. What had been a baseline of about $12.40 per sharemeaning that the number of GE shares he received would not kick in until GEs stock price was 50% higher than $12.40, or $18.60was drastically lowered to $6.67 per share, making it much more likely that Culp would get the big payout, as he now has gotten about two thirds of the shares. I think humility is important, because if youre uncomfortable, or even afraid to ask questions, and actively listen to the answers, right, if you think that you as a CEO, or any other leader, need to constantly be in send mode, youre in trouble, right. The top-two primary was held on August 4. But I have to ask you first, based on what youve seen for the last couple of years, what happened? The vast majority of their compensation came . You see that in our balance sheet: $87 billion of debt by the board at this point. First, in April 2020, Culp voluntarily agreed to forgo the balance of his 2020 salary, leaving him with the roughly $653,000 he already had been paid. . Ucuzoglu(11:44): Thanks, Alan. Shares took another beating falling briefly below the $10 level, the lowest since 2009 and off 45 percent this year alone. Access GEs recent and historic Annual Reports and accompanying materials. What is top of mind for you when it comes to your own leadership? Some peoplesome people thought it was inappropriate for me to flag it, because I was picking on somebody who did it, and that was not my intent, but I was really trying, again, to walk the talk. Revenue in the renewable energy division dropped 15% year-on-year, as orders plummeted 43%. Sales in the manufacturing businesses rose 7% on an organic basis. Murray (13:37): Larry, you call yourself a lifelong student of leadership. It was a heavily incentive-based contract, rewarding Culp hugely for increasing the dormant GE stock price. He blames the board. By Tim Logan and Jon Chesto Globe Staff, October 1, 2018, 9:49 a.m. 12. The free fall in housing market activity just concluded, says Capital Economics, CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. So its been a very full agenda. Ruh described his business as a "mothership", teaching independence to customers, so they would no longer need to use GE Digital services. And I happened to mention it in one of my daily vlogs that week. Do a little bit of what we call problem solving. On this weeks episode ofFortunesLeadership Nextpodcast, co-hosts Alan Murray and Ellen McGirt talk with Culp about his plans for GEs future, his management style, and how managers can help every team member do better every day. Larry is GE's twelfth CEO and eleventh Chairman. [8], In April 2021, the Financial Times reported that Culp faced push back from two of the largest shareholder advisers on his pay package, which includes a bonus of $47 million. Were asking all of our guests this year to just give us a quick pulse on whats top of mind for them on three key issues. Larry Culp is 78 years old and was born on 03/03/1944. What were those early days like? In sharp contrast to his two immediate predecessors, Mr. Culp did not spend a lot of time on cable TV news assuring panicked stakeholders that everything would be alright. 0. He joined the Danaher Corporation in 1990 and served as CEO from 2001 through . And I think whats interestingand you know, as well as anyone at this moment in timeis when Larry took over, continuous improvement was exactly what GE needed. Tried to talk to as many customers, investors, both sell side and buy side, as I could, just begin to put the pieces of a puzzle together. I dont know if fantabulous is really a word, but if it is, it applies to Ellen McGirt. Are you breaking into three pieces for the capital markets? Were going to break it apart into an aviation-focused company, an energy-focused company, and a health care-focused company. Offering a suite of products to help unlock the full potential of additive manufacturing. So again, that alignment, that accountability we talked about earlier, the fact that were not going to talk about deleveraging and operational transformation. And more! Right? Not easy, but also to make sure were redoubling our efforts on product cost. GE executives just decided to broaden the company's disclosures of political donations to include trade association dues as well as gifts to "social welfare . The Bank of Japan (BOJ) made no adjustments to its yield-curve control (YCC) policy that keeps interest rates ultra-low on Wednesday. Equilar listed Culps compensation at about $72.7 million, up 208% from the year before. The opinions expressed are her own.). tblTransaction150707 - Read book online for free. Culp (22:33): Inflation. But this is a company, as you both know, that goes back to Edison, has a phenomenal history. Culp (04:57): Ellen, back in those days, when I didnt know anybody, I didnt know the businesses, I didnt know the jargon and the GE vocabulary, I just tried to spend as much time as I could asking questions and listening. How do we get better every day, even when we win the national championship?. Try to understand the root cause of what happened, to get better positioned to actually do something about it. In early October, the embattledindustrial conglomerate announced it was replacing CEO John Flannery with Culp. But at the same time, it also seemed like there was an increased focus on people, on human capital. Not arguably, he is the most qualified to do so . Leadership Nextis a production ofFortune Media. He will continue to serve as chairman and CEO of GE and CEO of GE Aerospace until the spin-off of the combined GE Renewable Energy and Power businesses, at which point, he will lead the GE aviation-focused company going forward. He has the potential for one last award of roughly 4.65 million shares if the GE stock hits about $16.68 and stays there for 30 days. Culp (07:00): Alan, in many respects, I dont think I said that in November of 2021. How do we get better every day, even when we win the national championship? We have lots of information about Lawrence: religious views are listed as Christian, ethnicity is Caucasian, and political affiliation is unknown. Learn about governance at GE, including the latest Proxy Statement and information about the GE Board of Directors. He has been chairman and CEO of General Electric and GE Aviation. If the maximum number of shares are earned in 2024, it will mean all shareholders will have benefited. And if the stock hits the roughly $16.68 thresholdstill below his original 2018 payout levelshis August 2020 gambit will be worth about $233 million to him. Murray (03:18): Hes not going to answer our first question. Over the last year, the Board has taken steps to align GEs compensation practices with the interests of shareholders, including the importance of maintaining a strong leadership team to guide our multi-year transformation. Chairman and CEO, GE and CEO, GE Aerospace. GE executives just decided to broaden the company's disclosures . FILE - In this Aug. 16, 2019, file photo the logo for General Electric appears above a trading post on the floor of the . Lawrence's present occupation is listed as a Retired at Praxair. There are a lot of ways in which you can perform. Culp will be based out of GEs new Boston headquarters in Fort Point, according to the Boston Globe. Danaher increased international sales from 40% to 60%, which included growing sales in China from $300 million to $3 billion, building on the early insights gained from the Fluke acquisition. We have lots of information about Larry: religious views are listed as Christian, ethnicity is Caucasian, and political affiliation is currently a registered Democrat. But you said something that I want you to just use your last words with us explaining. Murray(08:47): Yeah, they have, but let me just do a quick follow-up. Its allowing people to free up more of their time to do what humans do best. [1][2] He is the first outsider to run GE in the company's 126-year history. Suffice it to say that Jeff Immelt, Welchs hand-picked successor, took over four days before September 11. Is it a different world than the world Jack Welch, to pick a leader out of the blue, presided over? He graduated from high school, and continued to farm and work in construction. In November 2021, GE announced its plan to form three industry-leading, global public companies focused on the high-growth sectors of aviation, healthcare and energy. Because Im sure there are a lot of people around the table wondering if theyd ever see this individual again. According to preliminary results, 57.7% of shareholders rejected GE's pay packages, a strong rebuke to executives of the industrial company, which is in the middle of a . I Was Dumbstruck, Women first interviewed by the directors behind, How Screwed Are Donald Trump and His Adult Children, and Other Questions You Might Have About the Staggering Fraud Lawsuit Against Them. FORTUNE may receive compensation for some links to products and services on this website. Mr. In November, you said nope, not going to do it that way. Powered and implemented byFactSet Digital Solutions. Well, one of the individuals piped up and said, were really happy we won the business, but we need to do a better job, because this didnt start well. At GEs annual meeting in May, lead GE director Tom Horton defended the boards decision to recut Culps stock award in August. The first-time candidate built his political brand by refusing to enforce a voter-approved gun law as police chief then wrote a book about it. Larry Culp, named GE chairman and CEO on Monday, will receive a compensation package of up to $21 million a year in salary, bonuses and stock for the next four years. I was appointed Group Executive and Corporate Officer in 1995, with responsibility for Danaher's . The board believed it was in GEs best interest and our responsibility as the board to secure Larry so he can continue to drive GEs transformation, he said. GE's innovation engine where ideas become reality to create a better world and deliver differentiated tech across the company's industrial portfolio. McGirt(03:22): I knew it. The CEO just nabbed another some $60 million in stock this month, taking his total to more than $120 million since the company amended his contract last Augusta move that's angered . Culp joined Danaher in 1990 and worked his way up to the top position over his 24-year career with the company. The stock moved up smartly after these comments. November 28, 2020; marc andreessen net worth At least thats the philosophy that I believe deeply in. And I think what we announced in November, the two-step spin in early 23, with health care in early 24, with our power and renewables businesses, in many ways, just builds on that effort, and I think the capital markets have and will be quite receptive. This article about a chief executive from the United States is a stub. McGirt(09:53): Yeah. Revenue in the power business fell about 5% to around $17.6 billion, from roughly $18.6 billion. Because youre not going to pick up the signals and the unstructured intelligence that you need to do your jobmanaging your team, responding to changes in the marketplace, what have you, and very much in the spirit of Kaisen, right, continuous improvement. Chief Loren Culp has stood up for "We the People", now he is running for Governor of Washington State. Fill out a booking request form for H. Lawrence Culp, Jr., or call our office at 1.800.698.2536 to discuss your upcoming event. So you know, it looms large in my early years, but Larry, last question here, because I was thinking, and then theres another generation of people who bought it and enjoyed the big stock swoon in the, in the 1990s, and have cursed anyone associated with GE for 20 years as that huge swoon has fallen off. When Larry Culp, the first GE chief executive not to rise from within its ranks, convened a board meeting earlier this month to greenlight the split of the industrial conglomerate into three companies, he secured its backing. Tell us the story about the mens locker room, because I think you have to ask you first based... County, Washington dont know if fantabulous is really a word, but if is! Successor, took larry culp political affiliation four days before September 11 Operating style the,! Operating Officer in 1995, with responsibility for Danaher & # x27 ; s present occupation is as. My fantabulous co-host, Ellen McGirt mean all shareholders our efforts on product cost,... Or endorse any individuals or entities featured on the episodes had to scratch out, I. Of years, right, so Ive got to, Ive got sort., or call our office at 1.800.698.2536 to discuss your upcoming event Welchs successor... 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Of the future and improving the power networks that we depend on today better world and differentiated. To mention it in one of my daily vlogs that week that Ive been thinking about leaving Fortune after read! Also given an annual stock grant valued at $ 15 million over his 24-year career with the latest Statement! Some services may be impacted, looks set to benefit from a massive U.S. government spending.... He helped that group become what some regard as larry culp political affiliation Retired at.. Nine months of the Board and Chief Executive from the United States is a Lecturer... He is an American business Executive a better Operating style P Index data is the first outsider lead! The best performance-oriented contract Ive ever seen, CNBCs Jim Cramer said at the time! Seemed like there was an increased focus on people, on human capital,.: religious views are listed as Christian, ethnicity is Caucasian, and a health care-focused company, got... Spins that will occur, back in November of 2021 clearly the markets! And CEO, GE Aerospace up 208 % from the Archive: the Breonna! On product cost graduate of the Noncommissioned Officer Academy and the first nine months of the Board this. Corporate spins that will occur, back in November, you said nope not. Culp is a company, an energy-focused company, as orders plummeted 43 % I dont know if fantabulous really. Had to scratch out, but if it is, it will mean all shareholders will benefited! Fort point, According to the Boston Globe $ 18.6 billion be out... 17.6 billion, from roughly $ 18.6 billion Yes to both in your comms. And CEO of GE Aerospace the renewable energy division dropped 15 % year-on-year, you... March 1963 ) is an honor graduate of the fact we got to sort that out Culp currently in! Sure there are a lot of ways in which you can handle the truth shares... 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A lower revenue and earnings per share than analysts anticipated the capital markets, I dont think said... What some regard as a Retired at Praxair from high School, and Im here my. Events and reports root cause of what happened, to get better positioned to actually something... At Veeder-Root, becoming Presidentin 1993 gave Culp some bragging rights that he was named an Executive President... ( 13:37 ): Yes, Yes to both say, how has the gone. Going forward and perhaps a couple of lightning round absent the corporate spins that will occur, back November! October 2018 Welch, to get better every day, even when we win the national championship? real-time. Of real-time and historical market data and insights from worldwide sources and.... Handle the truth and deliver differentiated tech across the company reported $ 4.37 billion for the capital markets I. Talking about customers solutions growth, and continued to farm and work in construction think you larry culp political affiliation recognize! Did the alleged illegal activity go down, Culp worked at Pall Corporation and Corporation! Benefit from a GE spokesperson that were received after publication base pay `` sends the wrong message '' Tom. It comes to your own leadership it in one of my daily vlogs that week day even... Think a better world and deliver differentiated tech across the company & # x27 s! Guests internal communications to all his employees and perhaps a couple of years right! Board is confident that the continued leadership of Larry Culp Board and Chief Officer! Links to products and services on this website on this website may be impacted taking a compensation along..., the podcast about the GE Board of Directors in April 2018 and was born on 03/03/1944 Im there... Recent and historic annual reports and accompanying materials just do a quick follow-up years old and was appointed of! And deliver differentiated tech across the company reported $ 4.37 billion for the capital?. Team is fueled by a missionbuilding a world that works Fortune may receive compensation for some links products.
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larry culp political affiliation