Textron Inc. (NYSE: TXT) has appointed Bell CEO Lisa Atherton as president and chief executive officer of the company, succeeding Scott C. Donnelly, effective Jan. 4.

Atherton—who has been president and CEO of Fort Worth-based Bell since April 2023, after previously serving as Bell’s COO—will join Textron’s board upon assuming her new CEO role. On Jan. 4, Donnelly will become Textron’s executive chairman and will lead the board of directors and provide advice and counsel to the CEO on company matters.

Providence, Rhode Island-based Textron has major operations in Fort Worth and other DFW locations, including Bell helicopter manufacturing and testing facilities. Bell made headlines in 2022 for winning an initial U.S. Army contract worth up to $1.3 billion to replace the famed Black Hawk combat attack helicopter with Bells V-280 Valor VTOL aircraft. The Valor program could ultimately be worth $70 billion across the life of the fleet, including foreign military sales, Defense News reported at the time.

Last December, during Atherton’s CEO tenure at Bell, the company announced that a new $632 million factory in North Fort Worth will manufacture components for the next-gen tilt-rotor attack aircraft.

Selected after ‘a comprehensive succession planning process’

R. Kerry Clark, Textron’s lead director, said the company selected Atherton after conducting “a comprehensive succession planning process.”

“As a member of Textron’s executive leadership team for over eight years, we witnessed Lisa play a key role in driving growth across her businesses and winning critical programs,” Clark added in a statement. “On behalf of the board, we look forward to working with her even more closely as she leads the company through this next phase of execution.”

For her part, Atherton said It has been “a privilege” to serve as Bell’s president and CEO, as she prepares to take the helm of its parent company.

“I’ve had the honor of working in a variety of businesses and functions during my 18-year tenure at Textron, gaining a deep understanding of our customers, experiencing our high-performing culture, and growing our extraordinary talent,” Atherton said in a statement. “I look forward to working with Scott, the board, and our global teams to bring our innovative technologies and products to our customers and create value for our shareholders.”

Clark also expressed Textron’s gratitude to Donnelly, saying “his strategic vision and strong connection to our products, operations, and customers have been instrumental in moving the company forward, advancing new technologies and products that bring value to our shareholders and customers. His commitment to identifying and growing critical talent across the business drove a high-performing environment and strongly supported our succession planning. As executive chairman, Scott will be a valuable resource to Lisa, the company, and the board.”

Bell leadership promotion

Atherton’s leadership at Bell will be handed off the same day she takes up her Textron post. Textron announced that Danny Maldonado has been named president & CEO of its Bell segment, effective Jan. 4. Currently, Maldonado is Bell’s chief commercial officer (CCO), and he will succeed Atherton.

As CCO, Maldonado is responsible for Bell’s global commercial aircraft sales, aftermarket solutions, the Bell Training Academy, and new product development. Before being named CCO, Maldonado led Textron Financial Corp. as president & CEO for nine years and, before that, served as Bell’s executive vice president of sales and marketing. He joined Textron in 1990 and has held leadership roles encompassing sales, business development, customer support, and finance at Textron.

“Danny is a proven leader with a long track record of success at Bell. He will lead Bell at an important time as we accelerate activity on the MV-75 program and continue to invest in leading commercial helicopter programs.,” Donnelly said.

Textron is known for its brands such as Bell, Cessna, Beechcraft, Hawker, Pipistrel, Jacobsen, Kautex, Lycoming, E-Z-GO, and Textron Systems.

David Seeley contributed to this report.

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