Scott Donnelly took the helm as CEO of Textron on December 1, replacing retiring Lewis Campbell, who had been with Textron for 17 years, 11 of them as CEO. Donnelly moved to the COO spot at Textron in 2008 from GE Aviation, where he had been president and CEO, and was given the additional title of Textron president last January. Donnelly flies a Cessna 206 but told AIN late last year he was eying a Caravan.
Cessna and Bell parent company Textron has tapped company president and COO Scott Donnelly to replace retiring Lewis Campbell as CEO, effective December 1. Campbell has been with Textron for the past 17 years, including the last 11 as CEO, following a lengthy career in the auto industry.
Textron has plans to boost its liquidity by at least $1 billion in the first half of this year and, if successful, the company “won’t have to think about selling any of our core assets,” according to chairman and CEO Lewis Campbell. The Providence, R.I.-based company has already divested itself of a lesser, unidentified asset and is in the process of exiting its finance business.
Textron has plans to boost liquidity by at least $1 billion in the first half of this year and if successful, said chairman and CEO Lewis Campbell on Tuesday, “We probably won’t have to think about selling any of our core assets.” The Providence, R.I.-based company has already divested itself of a lesser, unidentified asset and is in the process of exiting its finance business.
Buoyed by its Bell and Cessna properties, Textron reported second-quarter profits up 23 percent from the same period last year, chairman, president and CEO Lewis Campbell announced last month. Pointing to a backlog of 1,638 business jets at Cessna, Textron reaffirmed its outlook for the remainder of this year and forecast a solid market for the Citation line through 2011.
Citing a need to realign its executive lineup in the face of an economy that was already softening before it was rocked by the events of September 11, Textron has dismissed Bell Helicopter chairman and CEO Terry Stinson, filling his former position with John Murphey, Bell president and COO.
Thanks to the continuing sales performance of the Citation line, operational results for Cessna in the first quarter of this year were described as “nothing short of superb” by Lewis Campbell, chairman, president and CEO of parent company Textron. Campbell said Cessna in the first quarter received orders for 122 Citations, bringing total orders on hand to more than 400.
Bell Helicopter CEO Richard Millman yesterday emerged from the company’s booth (No. 1333) long enough to explain to HAI Convention News what he’s been up to since taking the helm of the company in January.
Commenting on this week’s resignation of Mike Redenbaugh as president of Bell Helicopter and his departure from the company, Lewis Campbell, chairman, president and CEO of parent Textron, said Redenbaugh did a “heck of a job” bringing new business into Bell.