General Electric Co. said Monday that David Joyce, chief executive officer of GE Aviation, will retire, after 12 years in the role and 40 years at the company. The industrial conglomerate said it named John Slattery, CEO of Embraer S.A.'s commercial aviation business, will be CEO of GE Aviation, effective July 13. GE's stock dropped 3.6% in premarket trading. The stock slumped 8.0% last week to snap a 3-week win streak in which the stock rallied 43.5%. In comparison, the Dow Jones Industrial Average fell 5.6% last week, after running up 14.5% the previous 3 weeks.
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