CHICAGO, Sept 23 (Reuters) - Textron Inc, the
world's largest maker of corporate jets, said on Wednesday that
Chief Executive Lewis Campbell will retire in December.
The diversified manufacturer said it appointed Scott Donnelly, Textron's 47-year-old president and chief operating officer, to replace Campbell, who will remain as nonexecutive chairman of the board.
Campbell, 63, had served as CEO of the maker of Cessna and Citation jets, Bell helicopters, EZ-Go golf carts and military vehicles for 11 of his 17 years with the company.
Donnelly, a former General Electric Co executive, joined Textron in June 2008 and spearheaded the company's restructuring initiatives as it grappled with a sharp downturn in demand for its business jets.
Earlier this year, its Cessna unit said it expects to deliver 290 to 300 planes this year, down from 467 in 2008. It does not expect a recovery in the market until 2011.
The company has cut about 23 percent of its staff -- some
10,000 people -
over the past year in an aggressive restructuring campaign. It is also cutting back sharply on its finance unit, which lost money last year.
In a statement, Campbell said Donnelly had played a key role in restoring Textron's access to the capital markets after last year's credit crunch.
(Reporting by James B. Kelleher, editing by Matthew Lewis) Keywords: TEXTRON/CEO (james.kelleher@thomsonreuters.com; + 1 312 408 8130; Reuters Messaging: james.kelleher.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The diversified manufacturer said it appointed Scott Donnelly, Textron's 47-year-old president and chief operating officer, to replace Campbell, who will remain as nonexecutive chairman of the board.
Campbell, 63, had served as CEO of the maker of Cessna and Citation jets, Bell helicopters, EZ-Go golf carts and military vehicles for 11 of his 17 years with the company.
Donnelly, a former General Electric Co executive, joined Textron in June 2008 and spearheaded the company's restructuring initiatives as it grappled with a sharp downturn in demand for its business jets.
Earlier this year, its Cessna unit said it expects to deliver 290 to 300 planes this year, down from 467 in 2008. It does not expect a recovery in the market until 2011.
The company has cut about 23 percent of its staff -- some
10,000 people -
over the past year in an aggressive restructuring campaign. It is also cutting back sharply on its finance unit, which lost money last year.
In a statement, Campbell said Donnelly had played a key role in restoring Textron's access to the capital markets after last year's credit crunch.
(Reporting by James B. Kelleher, editing by Matthew Lewis) Keywords: TEXTRON/CEO (james.kelleher@thomsonreuters.com; + 1 312 408 8130; Reuters Messaging: james.kelleher.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
