UNITED
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SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(b) (c) On October 23, 2024, Textron Inc. (the “Company”) issued a press release announcing certain leadership changes.
The Company announced that Frank T. Connor, Executive Vice President and Chief Financial Officer, will be retiring from the Company effective February 28, 2025. The Company further announced that David Rosenberg, currently the Company’s Vice President – Investor Relations, has been appointed Executive Vice President and Chief Financial Officer to succeed Mr. Connor, effective March 1, 2025.
Mr. Rosenberg, 48, Textron’s Vice President, Investor Relations, has more than 24 years of experience in the aviation industry. Prior to his current role, he served as Senior Vice President & Chief Financial Officer of Textron Aviation from 2018 through 2023, having previously held leadership positions in finance at Textron Aviation. Following Textron’s acquisition of Beechcraft in 2014, as Textron Aviation’s Vice President, Integration & Strategy, Mr. Rosenberg led the successful merger and integration of Beechcraft and Textron’s Cessna Aircraft business, which created today’s Textron Aviation segment. Prior to Textron’s acquisition of Beechcraft, Mr. Rosenberg held a series of leadership positions in financial planning, business management, strategic planning and operations with Beechcraft and its predecessor companies.
Mr. Rosenberg has entered into a letter agreement with Textron which provides compensation for his new role as Executive Vice President and Chief Financial Officer of an annual base salary of $850,000 and target annual incentive compensation of 100% of his base salary, effective March 1, 2025. Mr. Rosenberg will also be eligible to participate in the Company’s long-term incentive compensation program for executive officers, with a target award of 250% of his base salary, and in Textron’s other benefit plans and programs for key executives, all in a manner and on terms and conditions substantially similar to Textron’s other executive officers.
A copy of the press release issued by the Company regarding these matters is attached as an exhibit to this Form 8-K.
| Item 9.01 | Exhibits. |
| 99.1 | Press release dated October 23, 2024 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TEXTRON INC. | ||
| By: | /s/ E. Robert Lupone | |
| E. Robert Lupone | ||
| Executive Vice President, General Counsel And Secretary | ||
Date: October 23, 2024