NEW YORK (Reuters) - Eclipse Aviation Corp's Vern Raburn was forced to resign as chief executive as a condition for the injection of financing to the maker of the Eclipse 500 jets, the Wall Street Journal reported on Monday.
Citing people familiar with the situation, the Journal said a number of hedge funds and others from whom Raburn had sought capital continued to be dissatisfied that he remained in charge of Eclipse's everyday activities.
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By Alec Rosekrans 07/28/2008 Embattled Eclipse Aviation CEO Vern Raburn is stepping down from the helm of the very light jet manufacturer, according to a

By Jeff Decker Eclipse Aviation's new CEO Roel Pieper says production of the Eclipse 400 single jet is no certainty and that other changes are in store as

AP ALBUQUERQUE, New Mexico: Eclipse Aviation founder and Chief Executive Officer Vern Raburn has been replaced by the man who heads the cash-strapped jet

By Fred George/Oshkosh, Wis. Effective Monday July 28, 2008, Vern Raburn, founder, CEO and president of Eclipse Aviation, has been terminated from the

LONDON (Thomson Financial) - Very light jet maker Eclipse Aviation said it has received the first funds in a new round of financing that will take the company to a cash flow-positive position, although it did not give details.
Under the terms of the commitment and agreements, founder and Chief Executive Vern Raburn will step down and veteran executive and Eclipse Aviation Chairman Roel Pieper will become acting CEO immediately.
and the introduction of the Eclipse 400.

AP ALBUQUERQUE, NM—Eclipse Aviation founder Vern Raburn is stepping down as the very light jet manufacturer's chief executive officer.

After the jump, text of a press release just out from Eclipse Aviation, timed for the mammoth EAA Oshkosh AirVenture show, announcing that the company has received a new infusion of capital -- and that Vern Raburn, whose role in founding the company I described in Free Flight and whose airplanes I described in this recent Atlantic article, is out as CEO.
Rumors of something like this have been brewing for a long time. Good for aviation, bad for aviation, good or bad for Eclipse, I don't know and am not in a position to find out at the moment. But here is the press release, FYI. Good wishes to Vern, good wishes to the company, let's see where this leads.
rn will step down and veteran executive and Eclipse Aviation Chairman Roel Pieper will become acting CEO effective immediately.