Unexpected: Textron Announces Pelton Retirement

OK... we're not sure what to make of this right now... but Textron Inc. has JUST announced that Jack J. Pelton, chairman, president and CEO of its Cessna Aircraft unit, has retired from the company, and that a search for his successor is underway. Textron Chairman and CEO Scott C. Donnelly will run the business until a successor is named.

Pelton joined Cessna in November 2000 as senior vice president, Product Engineering and oversaw Cessna's engineering and product development activities, including new aircraft development, design, experimental and production test flight, certifications and product improvements for all Cessna models. He was named president and chief executive officer in 2003 and chairman in 2005.

Commenting on Pelton's departure, Textron Chairman and CEO Scott C. Donnelly said, "Under Jack's leadership, Cessna achieved many significant program and product milestones and strengthened its position as a thought leader in the aviation industry. We appreciate Jack's efforts and wish him the best in his future endeavors."

FMI: www.cessna.com, www.textron.com