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General Electric Aviation CEO Joyce Steps Down

David Joyce will step down after 12 years as head of GE Aviation, with John Slattery of Embraer taking over on July 13.
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General Electric  (GE) - Get Free Report said David Joyce is stepping down from GE Aviation, after 12 years as CEO of the division.

John Slattery was named president- and CEO-elect of GE Aviation, effective July 13. Slattery, currently president and CEO of Embraer's  (ERJ) - Get Free Report Commercial Aviation unit, will fully take the helm at GE Aviation on Sept. 1.

GE Aviation provides commercial and military jet engines and services, as well as avionics, digital solutions, and electrical power systems for aircraft. 

The Wall Street Journal said that heading into this year the division was GE's largest and most profitable unit. Sales at GE Aviation last year were $32 billion, the Journal reported.

Joyce, 63, who is also vice chairman of the parent, spent his entire 40-year career at GE in the aviation division. During his tenure as CEO of the division, revenue doubled to $33 billion.

Commercial Aviation is Embraer's largest business, accounting for more than half the Sao Paulo, Brazil, group's revenue and free cash flow as well as about 10,000 of its 18,000 employees.

GE Aviation said it May that it would cut a quarter of its workforce after furloughing half its engine manufacturing staff in April. 

The Boston industrial group had announced a 10% cut to its U.S. aviation workforce, but said in May that "more is required." 

The moves followed the lockdowns governments put in place to fight the coronavirus pandemic. The outbreak has crushed the global aviation industry, including producers and airlines.

Aerospace manufacturing giant Boeing  (BA) - Get Free Report and airlines like British Airways have also announced significant cuts amid the economic turndown. 

Boeing in late April said it was reducing its global workforce by 10%, or 16,000 jobs.

GE shares at last check were down 3.7% at $6.98, during a lower broad market. Embraer American depositary receipts were 8.2% lower at $6.50.