Goldman’s Hawker Names ‘Turnaround Kid’ Steve Miller to Be CEO
February 10, 2012, 6:02 AM ESTBy Mary Schlangenstein
Feb. 7 (Bloomberg) -- Hawker Beechcraft Inc., the jet maker partly owned by Goldman Sachs Group Inc., named turnaround specialist Steve Miller as chief executive officer as the company seeks to rework terms of a revolving credit line.
Miller succeeds Bill Boisture, who will remain chairman of subsidiary Hawker Beechcraft Corp., according to a statement today from the Wichita, Kansas-based company. Miller, 70, is chairman of American International Group Inc.
Hawker Beechcraft has been close to violating terms of its loans, which require increasing cash flow, because a weaker global economy has cut demand for business aircraft. The CEO change follows the hiring of Perella Weinberg Partners LP as a financial adviser in December.
“I’m honored to join and to help this company navigate through the challenges of the current general aviation market,” Miller said in the statement.
Miller has dubbed himself “The Turnaround Kid” after a career of helping hobbled companies survive. He joined the board of bailed-out insurer AIG in 2009 after a career that included overseeing the bankruptcy of auto-parts suppliers Delphi Corp. and Federal-Mogul Corp.
--Editors: Ed Dufner, James Langford
To contact the reporter on this story: Mary Schlangenstein in Dallas at maryc.s@bloomberg.net
To contact the editor responsible for this story: Ed Dufner at edufner@bloomberg.net
