Rockwell Collins Inc, a supplier of aircraft parts and systems, posted flat quarterly profit on Friday and said Chief Executive Clay Jones would retire in July under a succession plan. Jones will step down as CEO on July 31, and President Kelly Ortberg is expected to succeed him, the company said. Jones will stay on the board as nonexecutive chairman.
Jones, 64, said the move was part of the company's "carefully orchestrated succession planning" that has been implemented over the past several years. Ortberg, 52, was appointed president in September 2012 and then joined Jones in a newly formed Office of the Chief Executive. The transition comes as Rockwell Collins has reduced its business in some defence segments and cut jobs amid a difficult US military spending outlook. Currently, government revenue accounts for 51 percent of Rockwell's sales.
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