WALTHAM, Mass., Oct. 13, 2006 /PRNewswire-FirstCall/ -- Raytheon
Company (NYSE: RTN) announced today that its Board of Directors has amended
the Company's By-Laws to provide for majority voting for directors in
uncontested elections.
    Under the new By-Law, each director will be elected if the number of
votes cast "for" the director exceeds the number of votes cast "against"
the director. Furthermore, any director who fails to receive a majority of
the votes cast must, pursuant to the director resignation policy contained
in the Company's Governance Principles, tender his or her resignation. In
such an event, the Governance and Nominating Committee will make a
recommendation to the Board of Directors regarding the action to be taken
with respect to the resignation. If the entire Board of Directors is not
elected, the Chief Executive Officer and the four other directors receiving
the greatest percentage of votes cast for his or her election at such
meeting may call a special meeting for the election of directors.
    "Raytheon's Board of Directors has carefully considered its
shareholders' views on this matter," said William H. Swanson, Chairman of
the Board and Chief Executive Officer. "After a comprehensive review, the
Board believes that this step is in the best interest of the Company and
its shareholders. This change will enhance accountability to our
shareholders and provide greater transparency regarding our director
election process."
    The Company's By-Laws and Governance Principles are posted on the
Company's corporate governance website at http://www.raytheon.com.
    Raytheon Company (NYSE: RTN), with 2005 sales of $21.9 billion, is an
industry leader in defense and government electronics, space, information
technology, technical services, and business and special mission aircraft.
With headquarters in Waltham, Mass., Raytheon employs 80,000 people
worldwide.
    Contact:
    Jon Kasle
    781-522-5110

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