DOW JONES NEWSWIRES Textron Inc. (TXT) said Jack J. Pelton, the chairman and chief executive of its Cessna Aircraft unit, has retired and a search for his successor is underway. Textron Chief Executive Scott C. Donnelly will run the business until a successor is named. Late last month, Textron reported it swung to a fiscal first-quarter profit, but missed analysts' estimates as Cessna continued to struggle. Donnelly said at the time that low production and delivery levels led to its operating loss. Pelton joined Cessna in November 2000 as a vice president of product engineering and was involved in new aircraft development, among other things. He was named president and chief executive in 2003 and chairman in 2005. "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. Shares slipped 0.6% to $25.75 in after-hours trading and are up 9.6% so far this year. -By Lauren Pollock, Dow Jones Newswires; 212-416-2356; lauren.pollock@dowjones.com
