Textron Inc. (NYSE:TXT), a company that operates in the aircraft, industrial, and finance businesses worldwide, announced today that Frank T. Connor, a 22-year veteran, and former managing director and head of telecom investment banking at Goldman Sachs (NYSE:GS), was appointed executive vice president and CFO effective Aug. 1.
Textron, which along with Bell Helicopter is the parent for Cessna Aircraft and other companies, said acting CFO Richard Yates will remain as senior vice president and controller. Scott Donnelly, Textron’s president and chief operating officer, will also continue to oversee Textron Financial Corporation, along with the rest of Textron’s operating units.
During his career at Goldman, Connor, 49, advised companies across a wide range of industries and executed numerous public and private financings and strategic transactions.
“Frank is a welcome addition to the Textron executive team…With his breadth of knowledge and experience from managing businesses within Goldman, Sachs & Co. and working with a wide variety of client companies, Frank will bring valuable perspective and thought leadership to Textron,” Textron Chairman and CEO Lewis B. Campbell said in a statement.
With this appointment, in addition to becoming an officer of the corporation, Connor will oversee all of the company’s financial activities and becomes a member of the Textron Management Committee, comprising the top seven executives of the company.
Connor earned a bachelor’s degree from the University of Notre Dame and a master’s degree in business administration from the University of Chicago. He will be based at Textron’s world headquarters in Providence, RI.
The company also named John L. Garrison Jr. president and CEO of Bell Helicopter, effective Saturday. He succeeds Richard Millman who is retiring after 43 years with Textron. Garrison was president of Textron’s industrial segment since November 2007.
Earlier in the day, Textron reported a loss for the 2Q of $58 million, or 22 cents per share on restructuring charges, but its adjusted earnings beat Wall Street expectations. The manufacturing conglomerate’s adjusted profit came in at 8 cents per share, while analysts had predicted a loss of 3 cents per share.
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