Aerovironment founder retires due to health problems: Paul MacCready is renowned for his work on experimental aircraft.

AEROVIRONMENT Inc. announced last week that its renowned founder, Paul MacCready, is retiring due to a serious health problem.

MacCready, 80, founded the company in 1971 and has served as chairman for the past 16 years.

He built a name for himself in the aeronautics world by becoming the first American to win the World Gliding Championship in 1956. And in 1977, he won the prestigious Kremer Prize for his Gossamer Condor aircraft, the first practical and successful man-powered flying machine. For his accomplishments, Time magazine included MacCready on its list of "The Century's Greatest Minds."

Aerovironment said he has decided to step down "as a result of a recently diagnosed, serious health issue," but did not provide details.

The Monrovia maker of unmanned aerial vehicles also said its directors have elected President and Chief Executive Tim Conver as its new chairman.

"We send Paul and his family our heartfelt gratitude along with our best wishes," Conver said in a prepared statement. "His presence at the company will be sorely missed by the entire AV family, but his contributions will continue to benefit us and society for some time."

Conver will take over immediately as chairman. The 64-year-old first joined the board in the 1980s and became company president in 1991.

Aerovironment produces a variety of hand-launched unmanned aircraft that can be used on the battlefield for surveillance and other purposes. The company generates about 80 percent of its $173 million in annual revenue from sales of the aircraft.