Textron CEO stepping down after 11 years

PROVIDENCE—Textron Inc.‘s Lewis B. Campbell is retiring as CEO of the aircraft maker after 11 years in the top job.

Textron said on Wednesday that the 63-year-old’s retirement will take effect in December.

Scott C. Donnelly, Textron’s current president and chief operating officer, has been named to succeed Campbell as CEO. The 47-year-old also has been named to Textron’s board, effective in October.

Campbell will remain as non-executive board chairman until no later than the company’s annual shareholder meeting in 2011.

Textron says the announcement culminates a yearslong succession planning process.

The announcement came after shares of Textron fell 17 cents to close at $19.20.