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 March 6, 2015

News: IG: VHA misappropriated $92.5M for claims system - The Veterans Health Administration (VHA) misappropriated more than $90 million intended for medical support and compliance programs in order to build an automated claims processing system, according to an Inspector General report released this week.   Business: Gulf arms race fuels UAE push for defense industry - Soaring...
 
 

News Briefs March 6, 2015

Man charged with theft of military documents seeks release An engineer who worked for a defense contractor who’s been charged with attempting to travel to China with stolen documents on the development of advanced titanium for U.S. military aircraft is asking a judge to free him while he awaits trial. A hearing on Yu Long’s...
 
 
Air Force photograph by Rick Goodfriend

AFRL offering prize for turbine engine development

Air Force photograph by Rick Goodfriend Discover meetings to be held in Ohio on March 24-25. The Air Force Research Laboratory is leading the first Air Force technology prize, issuing a challenge to develop a small, efficient t...
 

 
Lockheed Martin photograph

Lockheed Martin P-3 Orion wing line restarted

Lockheed Martin photograph From left: Peter Hillier, Karen Eilbmeier, and Michael Spurr from the Canada Department of National Defence were on hand to commemorate the reopening of the P-3 wing line at Marietta, Ga.   Lockh...
 
 
Army photograph

Army Research Laboratory lays out science and technology priorities through 2019

Army photograph Dr. Rick Beyer, propulsion science expert, aligns a sample in a Bruker Wide-angle X-ray scattering camera at the Army Research Laboratory in Adelphi, Md. The laboratory recently released its technical implementa...
 
 
Air Force photograph by A1C Dillian Bamman

‘Iron Horse’ sets off for final flight

Air Force photograph by A1C Dillian Bamman Aircraft 62-1863 ‘Iron Horse’, a HC-130P Combat King, rests before takeoff Mar. 3, 2015, at Moody Air Force Base, Ga. Throughout its career, Iron Horse has flown for over 27,000 ho...
 




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=""> <strike> <strong>