General Electric Co. (GE) Chairman and Chief Executive Officer Larry Culp said there is "no higher priority" than bringing down the company's debt.

Culp, 55, acknowledged on CNBC on Monday that the industrial conglomerate needs to address its leverage, but there are plans in place to do so. GE has at least $110 billion in outstanding debt, according to FactSet Research Systems Inc.

"We need to bring the leverage down; we have plenty of opportunity to do that through asset sales," said Culp, adding that "there is a sense of urgency for us when it comes to asset sales" and there is "interest in GE assets."

Culp's appearance on CNBC comes one trading day after the company's stock slid to its lowest level in more than eight years. The downturn came after one of its best-followed and most-critical analysts lowered his price target for the beleaguered industrial conglomerate to $6 a share. Shares of GE fell 7% to $7.98 on Monday.

Culp, the former CEO of Danaher Corp. (DHR) , was named GE Chair and CEO about six weeks ago, on Oct. 1, replacing John Flannery after a difficult year for GE as it dealt with its troubled Power business, federal investigations and declining stock price.

From his time at the helm, thus far, Culp said he has a good line of sight on the issues he can manage to improve the performance of the power business, even going so far to say that that business is "getting close" to a bottom.

"We are working very hard with the power team to get a better grounding in reality," Culp told CNBC's David Faber. "I could be wrong, but I have a lot of confidence that we will do what needs to be done to stabilize power."

Meanwhile, Culp said the strategic intent announced in June to make GE's Healthcare business a standalone company still stands, and its Aviation business remains the company's "crown jewel."

"GE is important," Culp said. "What we do in terms of Aviation, Healthcare, Energy, it's important. And, frankly, this company matters, particularly to the United States."