WILLIAM LOWE TO BECOME CEO OF GULFSTREAM AEROSPACE ON JUNE 1 ALLEN PAULSON TO CONTINUE AS CHAIRMAN
WILLIAM LOWE TO BECOME CEO OF GULFSTREAM AEROSPACE ON JUNE 1
ALLEN PAULSON TO CONTINUE AS CHAIRMAN
SAVANNAH, Ga., Jan. 29 /PRNewswire/ -- Forstmann Little & Co. and Gulfstream Aerospace Corporation announced today that William C. Lowe will become chief executive officer of Gulfstream on June 1, 1992. Lowe, 51, joined Gulfstream in May 1991 as president and chief operating officer. Founder Allen E. Paulson, 69, will continue as chairman, focusing on Gulfstream's strategic direction, technology development, and priority sales efforts.
"Bill Lowe has already become a major asset to Gulfstream," said Paulson. "Bill's expanded operational and marketing responsibilities will enable me to concentrate full-time on enhancing Gulfstream's leading position in sales of large business jets, continuing to develop and improve our products, and working directly with our key customers on a worldwide basis. I look forward to continuing to work closely with Bill in the years ahead."
"Allen Paulson is a pioneer in the industry, and Gulfstream and I will benefit immeasurably from his continued active involvement," said Lowe. "He will now be able to focus his efforts on those areas where he can make a unique contribution to Gulfstream's continuing success."
"The management transition initiated last May has produced the ideal executive team for Gulfstream," said Theodore J. Forstmann, senior partner of Forstmann Little. "Thanks to the excellence of this team and the unique capital structure Forstmann Little employs, we believe that Gulfstream is well positioned for the future."
Prior to joining Gulfstream, Lowe served as executive vice president for Development and Manufacturing at Xerox Corporation, where he had worldwide responsibility for planning, developing, and manufacturing all Xerox products.
Before joining Xerox in 1988, Lowe spent 26 years with IBM Corporation, most recently as president of the Entry Systems division, where he orchestrated IBM's successful entry into the personal computer business.
Lowe joined IBM after receiving a degree in physics from Lafayette College in 1962. He advanced through a series of technical and managerial positions before becoming vice president of the Information Systems division in 1981, vice president of the Systems Development and Systems Products division in 1982, assistant group executive of the Information Systems and Communications group in 1983, and president of the Entry Systems division (where IBM's personal computer business was developed) in 1985. He became an IBM corporate vice president in 1986.
Gulfstream is the designer, manufacturer and marketer of the Gulfstream IV, one of the world's most technologically advanced business jet aircraft. In 1991, Gulfstream had revenues of $887 million and new orders of 31 planes.
Founded in 1978, Forstmann Little & Co. is a New York-based investment partnership which acquires or makes significant investments in operating companies. Gulfstream was acquired by Forstmann Little in March of 1990.
/CONTACT: Tom Maletta of Gulfstream, 912-964-3601; Anna Cordasco or George Sard, 212-557-0100, of Adams & Rinehart for Gulfstream/ CO: Gulfstream Aerospace Corporation ST: Georgia IN: AIR SU: PER SM -- NY024 -- 4639 01/29/92 10:22 EST