Grey Matter

Larry Culp: Chairman & CEO

The Grey Matter Behind One of the Greatest Turnarounds in Modern History

Larry Culp is one of the most private and respected CEOs in the world. Over seven years, he orchestrated what many call the greatest turnaround in modern business, rescuing GE from $140 billion in debt and splitting it into three independent world-class companies—GE Aerospace, GE HealthCare, and GE Vernova. In this rare conversation, Larry reveals how he did it: by slowing the game down, embedding a culture of continuous improvement, and choosing ruthless focus over comfortable synergy.

In this episode, you’ll hear and see Larry address:

How growing up in his grandfather’s welding shop and learning “you either get better or worse, but you don’t stay the same,” on the basketball court defined his approach to leadership.
The early months at GE, when every decision carried existential weight, and why his first move was to slow the game down and focus on operational control.
How the discipline of Kaizen — continuous improvement — became the foundation for GE’s transformation.
His conviction that focus creates strength, and how splitting GE into three independent companies, GE Aerospace, GE HealthCare, and GE Vernova, created three world-class leaders.

The views and opinions expressed herein are solely those of the individual authors and do not necessarily represent those of The Consello Group. Consello is not responsible for and has not verified for accuracy any of the information contained herein. Any discussion of general market activity, industry or sector trends, or other broad-based economic, market, political or regulatory conditions should not be construed as research or advice and should not be relied upon. In addition, nothing in these materials constitutes a guarantee, projection or prediction of future events or results.

Larry Culp

Chairman & CEO

Larry joined the GE Board of Directors in April 2018, and was appointed CEO of GE in October 2018. In June 2022, he assumed additional duty as CEO of GE Aerospace and became Chairman & CEO of GE Aerospace when it launched as a public company in April 2024. He also serves as the non-executive Chairman of GE HealthCare.

As Chairman and CEO of GE, Larry led the industrial technology company’s multi-year financial and operational transformation. During his tenure, GE strengthened its balance sheet, reduced debt by more than $100 billion, grew profit by 20%, more than doubled adjusted earnings-per-share, and more than quadrupled its market capitalization. Under his leadership, GE further focused the company’s portfolio and simultaneously improved operations across its businesses by implementing and adopting lean with a relentless focus on safety, quality, delivery, and cost—in that order—to better serve customers.

Larry is a member and the immediate past chair of the Board of Visitors and Governors of his alma mater, Washington College, and also serves on the Wake Forest University Board of Trustees. Previously, Larry was a Senior Lecturer at Harvard Business School, where he focused on leadership, strategy and general management in the MBA and executive education programs.

HOST

Declan Kelly

Founder, Chairman and CEO

Declan Kelly is the Founder, Chairman and CEO of Consello. He is an advisor to many of the world’s leading companies and CEOs.

Prior to founding Consello, Declan was the Co-Founder, Chairman and CEO of Teneo. During his ten-year leadership, Teneo became one of the world’s leading advisory firms.

From 2009-2011 he served as the U.S Economic Envoy to Northern Ireland at the U.S Department of State, appointed by Secretary of State Hillary Clinton. In this role he is recognized as having helped bring significant investment to the region and played a significant role in supporting the efforts that led to the historic devolution of policing and justice powers to the Northern Ireland Assembly, giving Northern Ireland fully devolved governance for the first time in its modern history.

Prior to his government service, Declan held senior leadership roles at FTI Consulting and Financial Dynamics, two leading international consulting companies. He previously started, co-ran, and sold his own consulting company in Ireland called Gallagher & Kelly. Before that he worked as an award-winning journalist for more than a decade.

Declan has been recognized on several occasions for his philanthropic and nonprofit work and his public service.

In 2008 he became the youngest ever recipient of the American Irish Historical Society’s prestigious Gold Medal, presented annually to one person deemed to have made a unique contribution to Irish American society.

In 2012 he was awarded the Ellis Island Medal of Honor, presented to individuals of different ethnic backgrounds who distinguish themselves by their contributions to society in the United States.

He is an honorary visiting professor in management and leadership at Queen’s University, Belfast, where he received an honorary doctorate in 2011 for his contribution to the community and economy of Northern Ireland. For the last decade he has overseen the Northern Ireland Mentorship Program which has enabled more than 100 students to date to spend a year working inside leading U.S. corporations before launching new careers in Northern Ireland.

Declan has served on numerous nonprofit boards over the last two decades and has helped raise hundreds of millions of dollars during that time on behalf of worthy causes and organizations. Declan is also a member of the Council on Foreign Relations.

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Wendy Clark is a Partner & President of Consello.

Background

Before joining Consello, Wendy was the Global Chief Executive of Dentsu International, a leader in media, customer experience management and creative solutions, where she led the company’s transformation into a worldwide integrated network operating across 145 global markets and employing over 45,000 people. While at Dentsu, Ms. Clark also acted as Executive Officer of Dentsu Group Inc. and was a member of the Dentsu Group Board.

Before joining Dentsu, Wendy also served as the CEO for DDB Worldwide.

Previously she served as President, Sparkling Brands & Strategic Marketing for Coca-Cola North America; and as Senior Vice President, Advertising for AT&T.

Called “one of the most important women in advertising” by Advertising Age, Wendy has earned numerous recognitions over the course of her career, including the “Matrix Award” from New York Women in Communications, and the She Runs It “Advertising Woman of the Year” award; she was also named the “Brand Refresher” on the Fast Company top ten list of “Innovative Business Disruptors.”

Wendy’s efforts were formally recognized in 2007 upon her induction into the American Advertising Federation’s Advertising Hall of Achievement; in 2017 when Advertising Age named Wendy their “Executive of the Year;” and in 2019 upon her induction into the Marketing Hall of Fame of New York.

Wendy also sits on the board of luxury jewelry brand David Yurman.

Tom Brady is a Partner at Consello. He is a proven leader, whose achievements are attained by mastering the skills of leadership, strategy, performance, and teamwork.

Background

Tom’s deep understanding of peak performance has allowed him to push beyond limits and set new records. With unmatched focus, discipline, and drive, Tom has built a legacy of sustained excellence.

As a seven-time Super Bowl champion, Tom is one of the most accomplished athletes of all time. His career includes 18 division titles and 10 Super Bowl appearances, earning him a place among the greatest competitors in sports history. He won six Super Bowls with the New England Patriots and one with the Tampa Bay Buccaneers, holding the record for the most Super Bowl victories by a quarterback.

Beyond the field, Tom has built a legacy as an entrepreneur, broadcaster, author, and philanthropist. He is the lead color analyst for FOX Sports’ NFL coverage and is part owner of the Las Vegas Raiders, Birmingham City FC, and the Las Vegas Aces, among many other ventures. Tom has also co-founded Autograph, developed a media business with Shadow Lion, and partnered with some of the biggest brands in the world, including Cisco, Verizon, and Delta.

Tom holds a B.A. from the University of Michigan.

Mindy Grossman is a Partner & Vice Chair at Consello. She is a high-energy, disruptive leader with extensive experience in building and transforming consumer brands.

Background

Prior to Consello, Mindy served as the President and CEO of WW International, and as a member of the board of directors through March 2022. She joined the company in July 2017 where she led the organization’s rebrand from Weight Watchers to WW to reflect their new purpose – “To inspire healthy habits for real life. *For people, families, communities, the world – for everyone,” to be the brand to democratize wellness for all. She also oversaw the digital transformation of WW; launched three breakthrough food program innovations; led the formation of WWGOOD and the Healthy Living Coalition; as well as the WW Presents “Oprah’s 2020 Vision: Your Life in Focus” national tour.

Prior to WW, Mindy served as the CEO and a member of the board of directors at HSNi where she oversaw a $4 billion direct to consumer retail portfolio. She positioned HSNi as a leader in boundaryless retail, integrating entertainment, content, commerce and community and offering customers a seamless shopping experience across multiple channels. Prior to that, Mindy served as CEO of IAC Retail, the former parent company of HSNi. She successfully took IAC Retail public in 2008 and subsequently became CEO of HSNi until 2017.

Before joining IAC, Mindy served as a Global Vice President at Nike, Inc., where she oversaw its $4 billion global apparel business and served as co-chair of Nike’s Women’s Leadership Council. Earlier in her career, Mindy served as President and CEO of Polo Jeans Company, Vice President of New Business Development at Polo Ralph Lauren Corporation, President of Chaps Ralph Lauren, and Senior Vice President of Menswear for Warnaco, Inc. She also held senior positions at Tommy Hilfiger and Oxford Industries.

Throughout her career, Mindy has been widely recognized for her leadership including being named to Forbes Magazine’s “The 100 Most Powerful Women;” The Financial Times “Top 50 Women in World Business;” TIME Magazine’s “50 Most Influential People in Healthcare;” and was named the Ernst & Young Entrepreneur of the Year for Corporate Innovation. She was also a recipient of the Ellis Island Medal of Honor.

Mindy was appointed to the Digital Economy Board of Advisors for the Chamber of Commerce during the Obama administration, where she served as an advisor from 2014 to 2017. She also served as the Chairman of the National Retail Federation and Chairman of the NRF Foundation.

Mindy currently serves on the National Board of Directors of the American Heart Association and is also a member of the Board of Directors of VF Corporation, Herself Health, Fanatics, Inc. and Hungryroot.

Janey Whiteside is a Partner & Chief Growth Officer of Consello. Janey is a recognized leader with extensive experience across a range of marketing, digital and commercial disciplines.

Background

She has a track record of growing and transforming some of the world’s most iconic products and brands.

Prior to joining Consello, Janey served as Walmart’s Executive Vice President and first Chief Customer Officer, leading Walmart’s transformation of customer-centric services and solutions. Janey was at the helm of Walmart’s newest, highest growth areas, including being the architect of Walmart+, its first ever membership program, and Walmart Connect, its retail media business, a new advertising platform.

Under Janey’s direction, Walmart was recognized as an industry leader in design and innovation for implementing a series of bold strategic moves, including the merging of the Walmart apps; the definition and expansion of the retailer’s pickup and delivery offering; exploring new technologies to better employee’s work experience; and launching a new store design.

Prior to Walmart, Janey spent over 20 years at American Express in senior management roles across business development, marketing, and operating roles in various customer segments. During her tenure with the company, Janey rose to Executive Vice President and leading the Global Premium Product, Benefits & Services team and became known as the force behind the highly successful re-launch of the iconic Platinum card. Prior to American Express, Janey worked at HSBC bank in the United Kingdom.

Janey currently serves on the Board and the Compensation Committee of Lyft, Inc. and is a member of the Board of Directors of LendingClub.

Janey holds an Economics & Management Studies degree (BSc Econ) from Cardiff University.

Peter Morrow is the Managing Partner of Consello Capital. Peter has been a successful private equity investor for over 20 years.

Background

Prior to joining Consello, he was the Co-Founder of Sycamore Partners, a premier private equity fund focused on consumer, retail, and distribution related businesses.

Before Sycamore, Peter worked at Golden Gate Capital, investing across a variety of sectors including technology, business services and consumer. He started his career at Bain & Company, where he principally advised private equity firms.

Peter received an M.B.A. from Harvard Business School and a B.A. from Stanford University.

Pete Mattoon is a Partner & Chief Operating Officer of Consello. Pete is also the Founder and Executive Chairman of SCS Financial and has over 30 years of experience in investment management.

Background

Launched in 2002, SCS serves approximately 200 clients and manages over $30 billion of assets.

Prior to SCS, Pete was a Managing Director at Scudder, Stevens & Clark where he was on Scudder’s Management Committee. He currently serves on the boards of TB12, a health and wellness business, Autograph.io, Brady Brand, an apparel company, and Religion of Sports (Board Observer), a sports media company. He was also Chairman and/or Director of several Scudder-sponsored investment companies in the U.S., Europe, Asia and Latin America.

Previously, Pete was on the Board of Universal Studios Japan until its acquisition by Comcast, Nucleus Scientific, an electric vehicle technology company, and Polyjoule, an energy storage business. Pete also served on the Boards of Concord Academy and Joslin Diabetes Center, the world’s largest diabetes research center and clinic. He was Chairman of the Investment Committee at both institutions during his tenure.

Pete holds a B.A. in Economics from Bucknell University.

Elizabeth Crain is a Partner at Consello. She is a strategic growth leader, recognized for aligning strategic and corporate priorities across dynamic markets and business environments.

Background

Prior to joining Consello, Elizabeth Crain was a Founding Partner and the Chief Operating Officer of Moelis & Company from its inception in 2007 through 2023. As COO, she led Moelis’ global strategy, operations and risk functions to build a global investment banking firm and market leader in Strategic Advisory, M&A and Restructuring. Elizabeth directed the company’s business expansion, talent and operational requirements and capital allocation through all phases of the company’s growth. She was pivotal in shaping and guiding key strategic priorities for Moelis including the buildout of industry and product advisory expertise, international expansion into Europe, Asia and the Middle East, and led the Moelis IPO.

Before Moelis, Elizabeth spent over 20 years in Investment Banking and Private Equity including as a Managing Director in the UBS Investment Bank. There she served as a member of the Investment Bank Division Board and as Chief Operating Officer of the UBS Investment Banking Department Americas.

Elizabeth was named one of the 100 Most Influential Women in U.S. Finance by Barron’s in 2022 and has been recognized by American Banker as one of the 25 Most Powerful Women in Finance.

Elizabeth serves on the Board of Nokia Corporation and Chair of the Strategy Committee. Previously, Elizabeth served as the Chair of the Board of Exscientia plc and served on the Board of Moelis & Company.

Elizabeth holds an M.B.A. from The Wharton School, University of Pennsylvania and a B.S. in Economics from Arizona State University.

Dr. Oscar Salazar is a Partner. Dr. Salazar is a seasoned entrepreneur with vast experience in driving and managing digital transformation in legacy industries such as transport, logistics, healthcare, finance, food and waste management.

Background

Best known for his role as founding Chief Technology Officer at Uber Technologies, Dr. Salazar developed the prototype and led the architectural design of the app that revolutionized transportation, logistics and even food delivery.

Following that radical innovation, Dr. Salazar has been providing his expertise in the design and architecture of innovative products and systems for companies in the U.S., Latin America and Europe (e.g., Pager, Rubicon Global, Cornershop, Frete.com, Socure, etc.).

A visionary entrepreneur and change maker, Dr. Salazar has personally invested in several startups over the years. This has allowed him to develop a vast network and deep knowledge of technology trends.

Dr. Salazar’s experience and insights make him a leader in a fast-moving and changing world, where he is suited to provide strategic and marketing advice to help companies and their leadership adapt and thrive.

Dr. Salazar’s academic background includes a bachelor’s degree in Science, a master’s degree in Electrical and Computer Engineering and a PhD in Telecommunications. These degrees have supported his achievements across three continents and are a reflection of his commitment to the industry.

Serena Williams is a Partner at Consello. Serena has overcome insurmountable odds to win 23 career Grand Slams.

Background

Her tennis achievements, combined with her off-court success in business, philanthropy and fashion, make her one of the most recognizable icons in the world.

In November 2021, Williams served as an executive producer for the Academy Award-nominated film, “King Richard,” a biopic based on her family.

In March 2022, Serena Ventures launched its venture capital fund and currently maintains a portfolio of over 60 companies with a focus on diverse leadership. Serena’s fashion brand, S by Serena, celebrates body positivity and female empowerment. Serena recently became a published author with the release of her children’s book, The Adventures of Qai Qai.

In December of 2022, Serena announced that she had teamed up with two CPG veterans to launch Will Perform, a line of clean, cruelty-free topical pain relief and daily muscle care solutions designed to reimagine recovery.

Serena most recently announced her production company, Nine Two Six Productions. The company produces documentaries, TV shows, and films, and focuses on telling stories that inspire and empower.

Pau Gasol is a Senior Advisor at Consello. Pau is a former NBA All-Pro Player and spent over 20 years as a professional basketball player.

Background

During his career, Pau was a two-time NBA Champion, six-time All Star and four-time All-NBA Selection. He is also a three-time Olympic medalist and has won a FIBA Basketball World Cup title. Pau won two NBA championships with the Los Angeles Lakers.

Pau is the Co-Founder and President of the Gasol Foundation, whose aim is to reduce childhood obesity through promoting four healthy habits.

Pau also serves as a Member of the International Olympic Committee’s Athletes’ Commission and is a Global Champion for Nutrition and Zero Childhood Obesity at UNICEF.

Hans Vestberg is a tech and telecom leader working to move society forward. Serving as CEO of Verizon from 2018 to 2025 and Chairman for most of that time, Hans was the architect of Verizon’s 5G network strategy. Under his leadership, Verizon was the first in the world to launch 5G and 5G Mobile Edge Compute.

Background

As CEO, he managed an enterprise of immense scale, responsible for a business generating over $130 billion in annual revenue and serving more than 145 million customer connections. During his tenure, Verizon’s network served as a critical backbone for the global economy, providing services to 99 percent of Fortune 500 companies and nearly all Fortune 100.

A visionary in developing consumer offerings, Hans redefined Verizon’s market position by shifting from a traditional connectivity provider to a digital platform. He pioneered the industry’s first “Mix & Match” pricing framework and orchestrated a landmark 10-year strategic innovation partnership with the NFL, transforming the sports experience through 5G integrated stadiums and private networks for on field coach to coach communications. His strategic foresight was also instrumental in diversifying Verizon’s value proposition through high impact alliances with global brands, significantly increasing customer loyalty and digital service adoptions.

Prior to Verizon, Hans led the successful transformation of Ericsson from a hardware focused manufacturer to a software and services company. He is a current board member of BlackRock. Previously, Hans served as Co-Chair of the New Jersey CEO Council and as Chair of the World Economic Forum’s EDISON Alliance, a collaborative initiative to foster global digital inclusion. A former athlete and semi-professional Team Handball player in Sweden, Hans is the founder of the Jan Vestberg Handball Academy, named after his father, who was his handball coach for most of his sports career. Hans is also the past Chairman of the Swedish Olympic Committee.

Born in Hudiksvall, Sweden, Hans earned a Bachelor of Business Administration degree from the University of Uppsala in Sweden. He is fluent in Swedish, English, Spanish and Portuguese.

Gary Neville is a Partner at Consello and serves as Chairman of Consello Sports in the UK. Gary played for Manchester United for 19 seasons and is one of the most decorated English and European footballers of all time.

Background

He made over 600 first team appearances, served as Manchester United captain for five years, and won eight English Premier League titles, two UEFA Champions League competitions, three FA Cups and one FIFA Club World Cup, among other team accolades.

Since retiring from professional football, Gary has continued to play a prominent role in the European sports landscape, including roles as a broadcaster, coach, and team co-owner (Salford City). As an entrepreneur, Gary has launched businesses across media, hospitality, real estate development and higher education as part of his Relentless Group.