Textron Inc., said Gary Hay plans to retire as chairman and chief executive of its Cessna business-jet unit at the end of the month.
Russell Meyer, the president of Textron’s aircraft business, which includes Cessna, will take Hay’s job until a permanent replacement is found. Hay, 58, has been employed by Cessna for more than 30 years, said Susan Bishop, a Textron spokeswoman.
Cessna accounted for about 26 percent of Textron’s $12.3 billion in 2001 sales. Textron, which also makes industrial fasteners, golf carts and construction equipment, accelerated cost cutting as the recession hurt demand from industrial customers.
Providence-based Textron also reiterated that it expects to earn about 77 cents a share in the second quarter and $3 for the year, within the range of analysts’ estimates.
The company’s shares rose 1 cent to $46.66.
