Gulfstream Aerospace Corp. said Theodore Forstmann, senior...

Gulfstream Aerospace Corp. said Theodore Forstmann, senior partner at Forstmann Little, has been named chairman of Gulfstream.

Forstmann Little, a buyout firm, acquired Savannah, Ga.-based Gulfstream in 1990.

Forstmann replaces William Lowe, who resigned to head New England Business Service.

Gulfstream said Fred Breidenbach, who joined the company in April as president and chief operating officer, will continue to run the company on a day-to-day basis.