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Textron Names Redenbaugh CEO of Bell Helicopter; Seasoned Aerospace Executive to Lead Flagship Business Unit Murphey Named Chairman Emeritus.

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PROVIDENCE, R.I.--(BUSINESS WIRE)--May 23, 2003

Textron Inc. (NYSE:TXT) today announced that Michael Redenbaugh has been named chief executive officer of Bell Helicopter, the world's leading manufacturer of vertical-lift aircraft. He will report to Textron Chief Operating Officer Steven Loranger. He succeeds John Murphey, who has been named chairman emeritus of the Ft. Worth, Texas-based producer of helicopters and revolutionary tiltrotor aircraft.

Redenbaugh, 44, joins Textron from Honeywell, where he spent more than 21 years in positions of increased leadership, most recently serving as vice president and general manager of the $1.4 billion Propulsion Systems business and acting president of Honeywell's $4.6 billion Engines, Systems and Services group. He also served as vice president and general manager of Honeywell's Military Helicopter and Industrial Engine business.

"This is a very exciting time for Bell Helicopter," said Textron Chairman, President and CEO Lewis Campbell. "Under John Murphey's capable leadership, this business has built a strong foundation for future growth in both the commercial and military aircraft markets. Mike Redenbaugh's experience and energy will help bring Bell to new levels of performance and market leadership."

In his capacity of chairman emeritus, Murphey, 60, will focus on strategic business development and growth objectives. Murphey has been at Bell for 41 years and was named chairman and CEO in September 2001. "John has been a vital contributor to Bell's success over the years, and we are pleased that he will continue in this important strategic role," Campbell continued.

During his two-decade tenure with AlliedSignal/Honeywell, Redenbaugh held positions of increasing responsibility in the commercial and military aircraft engine arena. He led the AlliedSignal/General Electric gas turbine engines joint venture and helped develop and drive an e-business strategy for Honeywell Aerospace. In addition, he was selected to serve as acting president of the Engines, Systems and Services group during the GE-Honeywell Aerospace integration planning efforts.

"Mike Redenbaugh is a highly talented and motivated executive with a proven track record of driving customer and employee satisfaction while meeting or exceeding his financial commitments," said Loranger. "Mike's expertise in Six Sigma and supply chain management will be particularly valuable as Bell strives to reach new levels of product development, productivity and supply chain excellence," he continued.

Redenbaugh holds a BS degree in engineering from the University of Washington and has earned certifications in areas such as Lean Manufacturing, International Business, Six Sigma, and Executive Leadership.

Bell Helicopter, a Textron Company, is a $1.6 billion leading producer of commercial and military helicopters, and the pioneer of the revolutionary tilt rotor aircraft. Globally recognized for customer service, innovation and superior quality, Bell's global workforce of over 7,000 employees serves customers flying Bell aircraft in over 120 countries.

Textron Inc. (NYSE:TXT) is an $11 billion multi-industry company with 49,000 employees in 40 countries. The company leverages its global network of businesses to provide customers with innovative solutions and services in industries such as aircraft, fastening systems, industrial products and components and finance. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft, Kautex, Lycoming, E-Z-GO and Greenlee, among others. More information is available at www.textron.com.

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Publication:Business Wire
Geographic Code:1USA
Date:May 23, 2003
Words:596
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