ARLINGTON, Va., May 3, 2006 /PRNewswire/ -- Following the annual
shareholders meeting, Michael C. Ruettgers, incoming lead director, and
Sen. Warren B. Rudman, outgoing lead director, issued the following
statement on behalf of the Board of Directors of Raytheon Company:
"During its meeting today, the Board of Directors expressed to Mr.
Swanson its deep concern over the disclosures involving The Unwritten
Rules. The Board noted that Mr. Swanson, appropriately, has taken full
responsibility for the issues associated with the source materials,
sincerely apologized to all involved and discontinued any further
distribution of the booklet.
"In response to this matter, the Board has decided not to raise Mr.
Swanson's salary above its 2005 level, and will reduce the amount of
restricted stock for which he is eligible in the coming year by 20 percent.
"While the Board obviously takes this matter very seriously, it feels
strongly it should not overshadow Mr. Swanson's extraordinary vision and
performance in leading this company during the past three years. We
continue to have full confidence in Mr. Swanson's leadership, which we
reaffirmed to him today."
Contact: Pam Wickham, 781 522 5125
SOURCE Board of Directors
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