Textron Promotes Arditte to Vice President of E-Procurement

10 April 2000

Textron Promotes Arditte to Vice President of E-Procurement; Company's E-Business Momentum Continues

    PROVIDENCE, R.I.--April 10, 2000--Underscoring its emphasis on core e-business initiatives, Textron Inc. today announced the promotion of Edward C. Arditte to the newly-created position of vice president e-procurement, effective immediately. Arditte will report to Textron President and Chief Operating Officer John A. Janitz.
    "E-procurement presents one of the most significant opportunities for company-wide cost reduction," said Textron Chairman and Chief Executive Officer Lewis B. Campbell. "By appointing a dedicated executive to lead - and be accountable for - this effort, we are well positioned to accelerate our presence in e-business, strengthening Textron's competitive position and enhancing shareholder value," he continued.
    Textron's e-procurement initiative will initially focus on the purchase of indirect, non-production materials and services such as office and maintenance supplies. "Indirect procurement online is a big ROI enhancer," said Janitz. "It's a great launching point for us. From this initiative alone, over the next few years we expect savings in excess of $150 million."
    Arditte most recently served as VP and treasurer, a post he has held since 1997. During his 14-year tenure with the company, he has held a variety of key positions, including vice president finance and business development for Textron Fastening Systems, and vice president communications, investor relations and risk management for Textron Inc. "In both of these roles, Ed stepped into newly-created positions and demonstrated the ability to develop sound strategies and execute them quickly," said Janitz.
    "Ed's experience in both corporate and operational environments, coupled with his proven ability to efficiently and successfully ramp up a new function, makes him the ideal executive to assume this critical role," he continued.
    Succeeding Arditte as VP and treasurer is Mary F. Lovejoy, formerly Textron's vice president communications and investor relations. (See related press release for additional information.)

    Textron Inc. is an $11.6 billion, global multi-industry company with market-leading businesses in Aircraft, Automotive, Industrial and Finance. Textron has a workforce of over 68,000 employees and major manufacturing facilities in 30 countries. Textron is among Fortune magazine's "Global Most Admired Companies." Additional information is available on www.textron.com.