ICON's New CEO, Former CEO Differ on Foreign Investment Committee Probe

The manufacturer seeks primary type certification on the A5 while under scrutiny resulting from questions regarding its Chinese ownership and potential military applications.

Julie Boatman

Friday, January 28, 2022 at 02:34 PM ET

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There are roughly 145 Icon A5s currently in the field. [Photo: Icon Aircraft]

Key Takeaways:

ICON Aircraft has promoted new C-suite leaders amidst an ongoing U.S. government (CFIUS) investigation into its significant Chinese ownership and the potential military applications of its A5 seaplane.
The investigation was triggered by former CEO Kirk Hawkins and minority shareholders, who allege an active U.S. Navy program to convert the A5 into a military UAV and efforts to transfer ICON's advanced manufacturing IP to China via an existing licensing agreement.
ICON denies the A5 has military utility or that its technology is critical for transfer, stating the allegations are unfounded and an attempt by Hawkins to regain control of the company.

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ICON Aircraft announced Tuesday that it has promoted two leaders from within the company to its C-suite. The change marks the latest chapter since an ongoing investigation by a U.S. government committee on foreign investment was triggered by concerns raised over the company’s significant ownership by a Chinese-government-connected entity—and the military applications possible for the A5 seaplane.

These allegations have basis in not just conjecture, but in at least one ongoing naval project that has been revealed to FLYING by the company’s co-founder and former CEO.