Business & GA, Commercial

IS&S CEO Fired

By Tish Drake | September 18, 2008

Innovative Solutions & Support (IS&S), Exton, Pa., replaced its CEO Raymond J. Wilson with the company founder and chairman Geoffrey S.M. Hedrick. In a Sept. 9 filing with the Securities and Exchange Commission, IS&S said Wilson was terminated effective Sept. 8 and Hedrick will resume the CEO duties. No other information was given. Wilson had been CEO since last year. IS&S is supplying the glass cockpit for the Eclipse 500, a very light jet manufactured by Eclipse Aviation. Eclipse Aviation, which  is facing questions about the safety of its VLJ, announced big changes to the company and to the Eclipse 500 program, with hundreds of layoffs and a cut in the 2008 Eclipse 500 production schedules. In July, IS&S revised downward financial expectations for the fourth quarter and 2009, citing the “change in delivery schedules recently communicated to us by a major customer,” without revealing the name of the customer.

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