Textron announces shake-up at TFC

PROVIDENCE – Textron Financial Corp. (TFC), the financial-services division of Textron Inc. (NYSE:TXT), now will report directly to Textron President and Chief Operating Officer Scott C. Donnelly. The change is one of several TFC management changes announced today by the parent company. All are effective immediately, Textron said.
The finance division previously had reported to Ted R. French – who served as the parent company’s executive vice president and chief financial officer, as well as TFC’s chairman and CEO – but French “has left the company,” Textron said.
Also departing is Buell “Jay” Carter, president and chief operating officer of TFC, who is retiring after 19 years with the company.
“Since joining the company in 2000, Ted has helped advance our operational transformation as well as our focus on ROIC and Intrinsic Value Management,” said Lewis B. Campbell, Textron’s chairman and CEO. “Jay [Carter] 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.”
Stepping in as acting Textron CFO – “until a permanent successor is named, which is expected in the near future” – is Richard Yates. A Textron senior vice president and its corporate controller since 1995, he “been highly instrumental in driving Textron’s restructuring,” the company said. He previously worked for 10 years at former Textron subsidiary Paul Revere, serving in positions including CFO.
Replacing Carter as president and CEO of the TFC division is Warren R. Lyons. Most recently an independent financial-services consultant, he also had managed several segments of TFC from 1985 to 1999. “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,” Campbell said.
“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.”
Textron Inc. (NYSE: TXT) is a $14.2 billion company employing 42,000 people in 28 countries. Its brands include Bell Helicopter, Cessna Aircraft Co., Jacobsen, Kautex, Lycoming, E-Z-GO and Greenlee, among others. Additional information is available at www.textron.com.