PROVIDENCE, R.I. (AP) -- Textron Inc. said Wednesday that Lewis B. Campbell is retiring as CEO after 11 years, and will be succeeded by Scott Donnelly, the aircraft maker's current president and chief operating officer.
Textron said the moves culminate a yearslong succession plan under which Campbell will also retire as chairman no later than the company's 2011 annual shareholders meeting. He is stepping down as CEO on Dec. 1.
Donnelly has been elected to the board of directors effective Oct. 1.
Campbell, 63, has spent 17 years at Providence-based Textron, including the last 11 as CEO.
Donnelly, 47, joined Textron in June 2008 as COO, and added the president title in January 2009. He previously spent 19 years with General Electric Co., including filling the president and CEO roles at GE's aviation unit.
"Scott has quickly proven himself an extremely decisive leader with tremendous strategic vision and operating acuity," Campbell said in a statement.
Textron manufactures Cessna planes, Bell helicopters and turf maintenance equipment. Its finance arm, which finances new and used Cessna business jets, golf courses and vacation-resort developments, has been particularly hard hit by the recession.
The succession announcement came after shares of Textron fell 17 cents to close at $19.20.