Cessna parent company Textron says it is searching for a new chairman, president and CEO of Cessna Aircraft after announcing the “retirement” of Jack Pelton.
Textron chairman and CEO Scott Donnelly will head the Cessna business until a successor for Pelton can be found.
“Under Jack’s leadership, Cessna achieved many significant program and product milestones and strengthened its position as a thought leader in the aviation industry,” Donnelly said in a May 2 statement. “We appreciate Jack’s efforts and wish him the best in his future endeavours.”
Pelton, a very popular CEO of Cessna since 2003 and chairman since 2005, first joined the company in 2000 as senior vice president, engineering.
The news comes not long after Textron reported its first quarter earnings for 2011, where Cessna posted a loss of US$38 million, despite revenues increasing to US$556 million.