Saxena Out At Mooney

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Vivek Saxena has stepped down as CEO of Mooney International Corporation after less than a year in the top job, according to AOPA, citing an email to employees, and confirmed by AVweb. Saxena joined Mooney in August of 2016, replacing Jerry Chen, who had been appointed as interim CEO by Soaring America Corporation, the Chinese-backed investment group that recapitalized Mooney to restart production of the M20. Albert Li, Mooney’s CFO, will reportedly serve as executive director until a new CEO can be appointed.

The turmoil comes at an awkward moment for Mooney, which just last month announced FAA certification of the M20U Ovation Ultra and its turbocharged sibling, the M20V Acclaim Ultra. Mooney’s production had all but stopped in the run-up to certification. They produced just seven aircraft in 2016, according to General Aviation Manufacturers Association data, though that was down only slightly from 11 in 2015. Saxena told AVweb last month at Sun ‘n Fun that he hoped Mooney M20 production would rise to about 80 aircraft per year.

At Sun ‘n Fun, Mooney had reported that the M10 project, originally envisioned as a next-generation trainer and two-seat personal aircraft, was going to be substantially reworked. Mooney representatives speaking with AVweb acknowledged that the trainer sales were not the most robust part of the GA market and that the technology developed in the M10 might be put to better use competing for the portion of the market now dominated by the Cirrus SR22. In a statement to AOPA regarding Saxena’s departure, Mooney’s marketing director Lance Phillips said, “We as a company are proceeding full speed on production of M20s and development of the M10.” It’s unclear whether this means the M10 as originally envisioned is back on the product roadmap or, more likely according to one Mooney dealer to whom AVweb spoke, Phillips means that the technology development originally related to the M10 project is continuing but slated for use in a larger airplane. Mooney representatives were not immediately available for comment.

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