H. Lawrence “Larry” Culp Jr. resigned from T. Rowe Price Group’s board of directors, less than a week after he was named chairman and CEO of General Electric Co.
Boston-based GE tapped Culp, credited with turning around Danaher, a Washington-based manufacturer, to right the troubled conglomerate.
Culp has been on the board of T. Rowe Price, a Baltimore-based money management firm since 2015, a year after he stepped down from Danaher.
T. Rowe announced Culp’s resignation in a filing with the U.S. Securities and Exchange Commission. It said the “resignation is the result of his appointment as Chairman and Chief Executive Officer of General Electric Company and is not a result of any disagreement with the Company or its management.”
Struggling GE, once a benchmark U.S. company, has lost hundreds of billions of market value since its peak in 2000. GE’s board ousted the prior CEO for moving too slowly on a turnaround plan.