A propeller assembly is disclosed, comprising propeller blades pivotably mounted on a propeller hub. A cam follower is disposed on each propeller blade. A cam is movable between a first position, a second position and a third position. Recesses formed in the cam have a first segment, a second segment and a third segment, oriented at first, second and third angles. The first segment is oriented at a first angle relative to the central axis. The cam followers engage the first segment of the recesses when the cam moves between first and second positions to vary the pitch of the propeller blades between a first pitch and a second pitch. The cam followers engage the second segment of the recesses when the cam moves between second and third positions to vary the pitch of the propeller blades between the second pitch and a third pitch.