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Textron Hires Scott Ernest From GE Aviation As Cessna President, CEO

DOW JONES NEWSWIRES Textron Inc. (TXT) hired Scott A. Ernest, a former GE Aviation executive, as the new president and chief executive of its Cessna Aircraft Co. general aviation unit. Former Cessna Chairman and CEO Jack J. Pelton retired in May. Ernest, a 29-year veteran of General Electric Co. (GE), was most recently vice president and general manager of global supply chain for GE Aviation. Textron President and Chief Executive Scott C. Donnelly said, "Accelerating Cessna's new product and service development, strengthening its manufacturing and sourcing operations, and intensifying its global expansion efforts are key to moving Cessna forward. Scott brings an extensive track record of success in these areas along with a reputation as an outstanding leader." Textron reported in April it swung to a fiscal first-quarter profit, but missed analysts' estimates as Cessna continued to struggle amid low production and delivery levels. Shares were trading up 19 cents at $22.66. The stock has risen 10% over the past year. -By Melodie Warner, Dow Jones Newswires; 212-416-2283; [email protected]

Stock News for Textron (TXT)
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