Business

January 15, 2014

William H. Swanson to step down as Raytheon CEO

raytheon-l3
Raytheon announced Jan. 15 that its Board of Directors has elected Dr. Thomas A. Kennedy, age 58, to serve as the chief executive officer of Raytheon, effective March 31, 2014.

Kennedy will succeed William H. Swanson, who has served as Raytheon CEO since 2003, and who advised the board of his intention to step down from his position in March, following his 65th birthday next month.

This change in company leadership was undertaken as part of the Board’s orderly leadership transition planning process.

After March, Swanson will continue to serve as chairman of the board while the company completes the transition to the new CEO. The Raytheon board also elected Kennedy to serve on the board, effective January 15, 2014.

Kennedy has served as executive vice president and chief operating officer of Raytheon since April 2013 where he led the recent consolidation of Raytheon’s six businesses to four to enhance productivity, agility and affordability of the Company’s operations. Previously, he served as vice president of Raytheon and president of Raytheon Integrated Defense Systems, one of the company’s four operating businesses. Before assuming the IDS leadership role in 2010, Kennedy served as vice president at Raytheon’s Space and Airborne Systems business where he oversaw strategy and operations for the Tactical Airborne Systems business. Earlier in his more than thirty-year career with Raytheon, he led new business and program activities for several radar and electronic warfare system development programs.  A former captain in the U.S. Air Force, Dr. Kennedy holds a doctorate in engineering from the University of California, Los Angeles, and bachelor’s and master’s degrees in electrical engineering from Rutgers University and the Air Force Institute of Technology, respectively.

“Tom Kennedy is a proven leader with a broad understanding of key technologies, keen customer focus, and a deep understanding of Raytheon’s business,” said Vern Clark, lead director of Raytheon. “Raytheon is well-positioned both domestically and internationally, and with Tom’s experience, we are confident that he will lead our Company successfully in this dynamic global business environment.”

On behalf of the Board and the company, Clark thanked Swanson for his more than forty-one years of service to Raytheon and his outstanding service during the past ten years as the Company’s Chief Executive Officer.

“Under Bill’s leadership as CEO these past ten years, Raytheon has become a customer-focused leader in the aerospace and defense industry. The Company has achieved a strong balance sheet, disciplined program execution, close alignment with customer interests, leadership in global defense markets, and a reputation for sound governance and corporate responsibility,” noted Clark. “We will be fortunate to have Bill’s continued guidance as chairman of the board while the company completes a seamless CEO leadership transition,” Clark added.




All of this week's top headlines to your email every Friday.


 
 

 

Headlines September 3, 2015

News Carter To China: US ‘Will Fly, Sail, Operate Wherever Law Allows’ Defense Secretary Ash Carter, in a speech billed as all about a new personnel approach for the Pentagon, laid out a clear line in the sand of the temporary islands the Chinese have been building. http://breakingdefense.com/2015/09/carter-to-china-us-will-fly-sail-operate-wherever-law-allows/ LRS-B details emerge: Major t...
 
 

News Briefs September 3, 2015

Soldier injured after parachute failed to deploy A soldier was injured during a U.S. Army Special Operations parachute training exercise in western Montana. Army officials at Fort Bragg, N.C., say 16 soldiers were conducting a free-fall parachute jump from two Blackhawk helicopters near Hamilton Aug. 31 when one soldier had an equipment malfunction and was...
 
 

Boeing, Jet2.com finalize order for 27 Next Generation 737-800s

Boeing and UK Leisure Airline Jet2.com have finalized an order for 27 Next Generation 737-800s, valued at approximately $2.6 billion at current list prices. Jet2.com currently operates an all-Boeing fleet of nearly 60 aircraft; however, this is the organization’s first direct Boeing order.† The aircraft will be used to take the company’s package holiday and...
 

 
boeing-emirates

Boeing, Emirates celebrate airline’s 150th 777 delivery

Boeing and Emirates Airline Sept. 3 celebrated the simultaneous delivery of three 777s — two 777-300ERs and one 777 Freighter — marking the entry of the 150th 777 into Emirates’ fleet. The delivery marks the first tim...
 
 

U.S. Air Force selects Chromalloy for F108 gas turbine engine module repairs

Chromalloy announced Sept. 2 that it has been selected by the U.S. Air Force to provide repairs on low pressure turbine modules for the F108 aircraft engine fleet, in a contract valued at up to $74 million. The one-year agreement was contracted by the Tinker Air Force Base in Oklahoma and includes four one-year options...
 
 
raytheon-colorado

Raytheon expanding in Colorado Springs

Raytheon will speed up growth of its Colorado Springs presence after signing a $700 million multi-year indefinite-delivery/indefinite-quantity contract to support operations at NORAD’s Cheyenne Mountain Complex. Under the...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>