Business & Finance
Business and Finance
Business and Finance 
Mon, February 9, 2009
Textron Announces Finance Management Changes
PROVIDENCE, R.I.--([ BUSINESS WIRE ])--Textron Inc. (NYSE:TXT) today announced several finance management changes effective immediately. Textron Financial Corporation (TFC) will now report directly to Textron President and Chief Operating Officer Scott C. Donnelly. TFC previously reported to Executive Vice President and Chief Financial Officer Ted R. French, who has left the company. Mr. French also had served as chairman and CEO of TFC. Textron's Senior Vice President and Controller Richard Yates has been named acting CFO until a permanent successor is named, which is expected in the near future. Warren R. Lyons has been named president and CEO of TFC and replaces Buell "Jay" Carter, president and chief operating officer of TFC, who is retiring after 19 years of service to the company.
"Warren is a veteran in the financial services industry, having spent his entire career leading various finance businesses in all kinds of scenarios and conditions. Under Scott's and Warren's leadership, I am confident we will successfully execute the strategy we've put in place for TFC at a more rapid pace," said Textron Chairman and CEO Lewis B. Campbell.
Lyons, most recently an independent financial services consultant, managed several segments of Textron's financial services units from 1985 – 1999. He was a member of the Textron Operating Committee and also served as the chairman and president of AVCO Financial Services, a major subsidiary of Textron which produced approximately 25% of Textron's revenues and profits at the time. When the decision was made to divest AVCO Financial Services in 1998, Lyons led the sales process resulting in a $2.9 billion after-tax gain to Textron.
Mr. Yates has been Textron's corporate controller since 1995, overseeing external and internal accounting, financial reporting, and financial planning and analysis. He is a member of the Textron Operating Committee and also has been highly instrumental in driving Textron's restructuring efforts. Prior to that, he spent 10 years at Paul Revere, a publicly traded company and former subsidiary of Textron, as its chief financial officer as well as in other various financial roles.
"Since joining the company in 2000, Ted has helped advance our operational transformation as well as our focus on ROIC and Intrinsic Value Management." Campbell continued. "Jay has been an integral part of Textron Financial for nearly two decades, helping lead the unit's outstanding performance over this time until the recent collapse of the credit markets. I thank both of these executives for their contributions and service."
Textron Inc. is a $14.2 billion multi-industry company operating in 28 countries with approximately 42,000 employees. The company leverages its global network of aircraft, defense and intelligence, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, Textron Systems and Textron Financial Corporation. More information is available at [ www.textron.com ].