Larry Culp: Behind One of the Greatest Business Turnarounds | Grey Matter with Declan Kelly

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. [00:00] Introducing Grey Matter [02:24] Foundational Roots: The Eastern Shore, Family, and Finding Peace [03:46] Early Lessons in Leadership: The Welding Shop & People-First Values [06:49] Lessons from Basketball: Teamwork and Operationalizing Kaizen [09:03] HBS and the Cold Letter: The Unimagined Path to Danaher [12:18] The Contrarian Bet: Transforming Danaher into a Healthcare Giant [14:48] Due Diligence & Discovery: Listening to the Customer and the Floor [16:08] The Substance of Detail: Why Micromanaging the Small Things Matters [18:02] Why Say Yes to GE (The Third Time) [21:54] Focus, Prioritization, and Slowing the Game Down [25:51] The Conglomerate Model: Synergy vs. Focus [29:55] "Be Quick But Don't Hurry": The Dichotomy of Decision-Making [32:08] Unearthing Hidden Gems: The CEO's Process for Turnaround [37:46] The Joy of a Single P&L: Going Deep at GE Aerospace [38:17] Lifelong Sensei and the Fundamentals of Lean/Kaizen [41:16] Advice to Emerging Leaders: Get Your Reps [44:03] Reflecting on the Greatest Turnaround and Family Pride [46:54] The Uncharted Path: Quick Fire Questions & Final Lesson About Consello Consello is an Advisory and Investing Platform with offices in New York, Miami, Atlanta, Dublin, Belfast, London, Barcelona, Abu Dhabi and Riyadh. Consello’s distinct advisory practices provide the complete strategic counsel today’s leaders need to grow and transform their organizations. Consello’s advisory expertise spans Corporate Advisory; M&A; Management Consulting; Talent; and Sports and Entertainment. Dedicated teams operate in each practice, led by a leadership group with deep operational experience across industries, business growth stages and market cycles and with an expansive set of global corporate relationships. Consello’s investment business, Consello Capital, identifies high-potential mid-market companies and invests capital and expertise to transform their growth. www.consello.com About Grey Matter Host Declan Kelly Declan Kelly is the Founder, Chairman and CEO of Consello, one of the world's most influential boutique advisory firms. A trusted advisor to dozens of CEOs leading the world's top companies, Mr. Kelly has built or run four global consulting companies over the last three decades prior to founding Consello. Mr. Kelly also served in government as US Economic Envoy to Northern Ireland during the Obama administration.