New CEO At Hawker Beechcraft
Hawker Beechcraft's board of directors has named high-profile corporate fix-it man Steve Miller as new CEO of Hawker Beechcraft Inc., shifting former CEO Bill Boisture to the role of chairman of the company's operating subsidiary Hawker Beechcraft Corp. Miller was tapped to take over as chairman of American International Group (AIG) 18 months ago to help it continue its return to profitability and pay back more than $130 billion bailout money to the U.S. government. Known as "The Turnaround Kid" on Wall Street (he's 70), Miller has headed up companies like Bethlehem Steel and Delphi Corp. as they emerged from bankruptcy. Hawker Beech is still solvent but it has asked creditors for concessions on the terms of its operating line of credit.
As we reported in December, the company announced it was close to breaching terms that require its cash flow to increase during the term of the loan. Tough times have strangled cash flow at many aircraft manufacturers and analysts expected Hawker Beech to get those concessions. Boisture has also led a high-profile campaign to get the Air Force to reconsider its decision to go with Embraer's Super Tucano over the Beech AT-6B as its new light air support aircraft.