Textron Names Sam Licavoli as New Chairman, President and CEO of Industrial Products
10 July 2000
Licavoli to Bring Proven Operational Excellence to Textron's Industrial Products Group
PROVIDENCE, R.I. - Textron Inc. today announced that Sam Licavoli has been named chairman, president and chief executive officer of the company's $3.0 billion Industrial Products group, based in Providence, RI, effective immediately. He will continue to report to Textron president and chief operating officer, John A. Janitz. Licavoli was previously chairman, president and chief executive officer of Textron Automotive Company. He replaces Frank Feraco who is leaving Textron to pursue other business interests."Sam's impeccable track record in establishing operating excellence and building teamwork at Textron Automotive makes him an ideal leader to focus on improving organic growth, and margins and returns in our Industrial Products group," Janitz said. Textron has made a significant number of acquisitions in this group over the last two years, representing about 40% of the group's revenues. "I am confident that Sam will be able to quickly advance the process of fully integrating these acquisitions and leverage our newly acquired capabilities across our diverse customer base," Janitz added.
Licavoli, 59, will be responsible for the global operations of the five divisions that constitute the Industrial Products group: Greenlee Textron, Textron Fluid and Power Systems, Textron Golf, Turf Care and Specialty Products, OmniQuip Textron and Textron Industrial Components.
"Sam has been an extremely valuable member of Textron's Executive Leadership Team and has done a phenomenal job of driving costs out of the Automotive manufacturing processes while developing strategic programs that have driven record organic growth at Automotive. Being able to move Sam from Automotive and have him apply his operating expertise and strategic leadership to the Industrial Products group is another example of how Textron can leverage its resources across its businesses," said Textron chairman and chief executive officer Lewis B. Campbell. Campbell added, "In addition to dramatically improving operating results, we are counting on Sam's leadership to increase the sustainable organic growth rate in each of our Industrial Products divisions with a particular focus on our expansion strategy in the data, signal, voice test and installation equipment business in our Greenlee Textron division."
It is anticipated that a successor to Licavoli will be named shortly. In the meantime, division heads at Textron Automotive will report directly to Janitz.
Under Licavoli's leadership since taking over as head of Textron Automotive in April 1999, the segment has achieved record sales and profitability. He joined Textron in 1996 as president of the Trim division, within the Automotive segment, growing that business consisting of exterior and interior trim products, instrument panels, full cockpit module assemblies and signal lighting to over $1.5 billion.
Prior to joining Textron, Licavoli served as senior vice-president - International of A.O. Smith Corporation, a diversified global manufacturing company based in Milwaukee, Wisconsin. He joined A.O. Smith in 1992 as president of their Automotive Products Division. From 1984 to 1992, Licavoli was senior vice president of Tenneco Corporation's Walker Manufacturing Division, where he was responsible for the manufacturing operations of their OEM and aftermarket business. Licavoli also held various management positions with International Harvester Company and at the Ford Motor Company.
Licavoli received his bachelor of science and master's degrees in mathematics from Central Michigan University. He is a board member of the Motor and Equipment Manufacturers Association and a member of the Automotive Parts Advisory Committee, the Society of Automotive Engineers, the Automotive Original Equipment Manufacturers, the Original Equipment Suppliers Association and the Society of Manufacturing Engineers.
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."