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Textron CEO Leaving, Joining Departed CFO In Management Reconstruction Effort
First Textron's CFO Ted French was sacked, and now the CEO, Lewis Campbell, is retiring at the ripe old age of 63. The new CEO: a 19 year GE veteran. Hopefully he will have the same sucess with "restructuring" Textron Financial as Goldman, pardon, the Fed, pardon, GE, has had, with "restructuring" GE Capital. In the meantime, the entire management slate has been wiped clean. Opportunistic timing, or would it have been difficult to put TXT on its conviction buy list and subsequently issue debt for it, if it was public that the CEO was bailing? Inquiring minds don't really give a rat's ass anymore.
However, speaking of (lack of) material disclosure that may or may not have been omitted from Textron most recent Goldman sponsored prospectus, Zero Hedge has been hearing whispers of a directive spread among top tier corporate executives (first Pepsi, soon everywhere else) to use only private jets ahead of swine flu season. If this is indeed the case, one wonders just how material it is, and whether or not those who may be aware of this information possess an unfair information advantage, over those who may have even spent the time to read the Textron prospectus cover to cover. Zero Hedge is actively investigating this angle.
From the press release:
Lewis Campbell to Retire as Textron's CEO after 17 Years of Service; Board Names Scott Donnelly CEO-Elect
Providence, RI - September 23, 2009 - The Board of Directors of Textron Inc. (NYSE:TXT) today 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."
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I can tell you from experience dealing with them that former GE executives SUCK as CEO. They have ZERO understanding of balance sheets, and no idea how to operate a leveraged company when there's no "parent co." window to go to for cash.
Put Textron on FuckedCompany.com ASAP.
Have a cousin that worked for Lycoming - owned by TXT. Last November 401k went from 300K to 30K. He has recovered a bit, and he, I guess is still holding on. I can only show him the water, it's up to him to drink.
http://www.lycoming.textron.com/
My friend works for TXT, he was telling me they are trying to move Cessna to China, and you guessed it.. the stock goes up.
The good news is his stock funded 201k might stay put,
the bad news is Lycoming is next.
When reading the company prospectus, are we required to ponder the genial introduction, or can we proceed directly to the necrophilia?
When practicing the esoteric arts of raising the dead one must be careful not to perturb the lividity.
NoBull is right. Don't forget the intercompany transfer pricing shell games and other assorted bullshit "skills" that won't transfer when the exec is actually held accountable, soup to nuts, for a real business that isn't bankrolled by a bunch of derivatives hocus pocus (aka GE Capital)
"Inquiring minds don't really give a rat's ass anymore."
Ooooh, I'm going to be borrowing this one...
could you and mish agree on who can spell i/enquiring minds properly, pls?
Nice detective work on this story, TD. Keep up the good work.
Lots of smart eyes out there LB.
No, you submit, do you hear? You be strong, you survive... You stay alive, no matter what occurs! I will find you. No matter how long it takes, no matter how far, I will find you.
http://thepiratebay.org/torrent/4663235/The.Last.of.the.Mohicans[1992]DvDrip-Zeus_Dias
Guess the swine flu is really good for business, I know it is for pharmaceutacals but who would have thought it's also good for the private airline business.