Textron Elects Richard F. Ambrose to Board of Directors

Rhea-AI Summary

Textron Inc. (NYSE: TXT) has appointed Richard F. Ambrose to its Board of Directors, effective April 1, 2022. Ambrose brings over 20 years of experience from Lockheed Martin, where he managed a $12 billion enterprise with around 22,000 employees. His roles included President of Lockheed Martin Space and General Manager of various divisions. Textron's Chairman and CEO, Scott Donnelly, expressed confidence that Ambrose's expertise in the aerospace and defense sectors will be invaluable for the company.

Positive

• Richard Ambrose's appointment is expected to bring significant experience in aerospace and defense, potentially enhancing Textron's strategic direction.
• Ambrose's leadership at Lockheed Martin's $12 billion space division adds valuable industry knowledge to the board.

Negative

• None.

PROVIDENCE, R.I.--(BUSINESS WIRE)-- Textron Inc. (NYSE: TXT) announced that Richard F. Ambrose has been elected to the company's Board of Directors, effective April 1, 2022. Ambrose will be retiring, effective March 1, 2022, as the Executive Vice President of Lockheed Martin Corporation’s Space business after over 20 years at Lockheed Martin, a global security and aerospace company.

Richard F. Ambrose (Photo: Business Wire)

"We are extremely pleased to welcome Richard Ambrose to our Board," said Textron Chairman and CEO Scott Donnelly. "Richard’s extensive experience in the aerospace and defense industry and with U.S. Government defense programs will be invaluable to Textron," Donnelly added.

At Lockheed Martin Space, Ambrose managed a $12 billion enterprise which employs approximately 22,000 people and provides advanced technology systems for national security, civil and commercial customers. Prior to his most recent role, which he assumed in 2013, he served as President, Lockheed Martin Information Systems & Global Solutions-National from 2011-2012 and as Vice President & General Manager, Lockheed Martin Surveillance & Navigation Systems line of business within Space from 2006 through 2010. He joined Lockheed in 2000 as Vice President & General Manager, Lockheed Martin Ground Systems and served as President, Lockheed Martin Maritime Systems & Sensors Tactical Systems from 2004-2006.

Prior to Lockheed, Ambrose was President & General Manager, Space Systems, Hughes Information Systems (which merged with Raytheon C3I Systems in 1997) from 1995-2000. He has a Bachelor of Science in electrical engineering from DeVry Institute of Technology and an MBA from the University of Denver.

About Textron
Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell, Cessna, Beechcraft, Jacobsen, Kautex, Lycoming, E-Z-GO, Arctic Cat and Textron Systems. For more information visit: www.textron.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220223005955/en/

Michael Maynard 401-457-2362

Source: Textron

FAQ

Who is Richard F. Ambrose and what is his background?

Richard F. Ambrose is the newly elected member of Textron's Board of Directors, previously serving as Executive Vice President at Lockheed Martin's Space business, managing a $12 billion operation.

What impact might Richard Ambrose's experience have on Textron?

Ambrose's extensive experience in the aerospace and defense industry might strengthen Textron's strategic initiatives and market positioning.

When did Richard F. Ambrose join Textron's Board of Directors?

Richard F. Ambrose officially joined Textron's Board of Directors on April 1, 2022.

What was Richard Ambrose's role at Lockheed Martin before joining Textron?

Before joining Textron, Richard Ambrose was the Executive Vice President of Lockheed Martin's Space business, overseeing a $12 billion enterprise.