The Board of Directors of Textron Inc. (NYSE:TXT) announced that Scott C. Donnelly has been named Chief Executive Officer-Elect, to succeed current Chairman and Chief Executive Officer Lewis B. Campbell upon his retirement, effective December 1. The Board also elected Mr. Donnelly to the Board of Directors effective October 1. Mr. Donnelly, 47, is currently Textron’s President and Chief Operating Officer.
Mr. Campbell, 63, will remain as non-executive Chairman of the Board until no later than the 2011 annual meeting of shareholders. Today’s announcement reflects the culmination of a multi-year succession planning process led by Mr. Campbell and caps his 17-year career at Textron, including 11 years as CEO.
Mr. Donnelly joined Textron in June 2008 as Chief Operating Officer and was named President in January 2009. Previously, he spent 19 years with General Electric, most recently as President and CEO of its $16 billion Aviation unit.
Mr. Campbell said, “Scott has quickly proven himself an extremely decisive leader with tremendous strategic vision and operating acuity. He led the effort that put the Textron liquidity strategy on a strong path and spearheaded restructuring initiatives and operating improvements in our manufacturing businesses during these recent challenging times. With Scott’s assistance, we have also made important strides restoring Textron’s access to capital markets and enhancing the senior leadership team with a new CFO at Textron and a new leader at Bell. Scott has clearly demonstrated that he is ready to serve as CEO. I look forward to working with Scott during a two-month transition period and then continuing as Textron’s non-executive Chairman of the Board to effect a smooth and seamless transfer of leadership.”
“I am extremely pleased to lead this company at a time of such great opportunity,” Donnelly remarked. “Textron´s portfolio features renowned brands and some of the most sophisticated and leading technology products in the world. I am confident that our passion to find new ways to bring value to our customers – combined with our steadfast execution of our financial and operational strategies – will continue to build Textron’s value for all its stakeholders. I look forward to working with Lewis to finalize our transition process.”