Deutsche Bank Reports Retirement Of Textron CEO Jack Pelton

According to Deutsche Bank, Textron TXT announced the immediate retirement of Jack Pelton, CEO of Cessna since 2003 after the close. Deutsche Bank said that TXT's business jet operation accounts for ~25% of total sales and about half of the earnings growth expectation in the next couple of years. “The announcement comes one week before the division's sceheduled analyst day on May 9 at the company's facility in Wichita. While a search is underway for a replacement, TXT Chairman and CEO Scott C. Donnelly will run the Cessna business. We expect key investor issues to be looked at during the Cessna investor day to include product development, productivity/inflation challenges and (now) the leadership transition roadmap.” Textron closed yesterday at $25.91.