WALTHAM, Mass., Dec. 17 /PRNewswire-FirstCall/ -- The Raytheon Company
board of directors has elected William H. Swanson, 54, chief executive officer
and president of Raytheon, as chairman of the board, effective January 28,
2004. He replaces Daniel P. Burnham, 57, who will retire from the company.
"The board is deeply satisfied with the direction of the company under
Bill's leadership, and we are delighted to have him take on the additional
role of chairman," said Warren B. Rudman, lead director of the Raytheon board
of directors and former U.S. senator. "His proven record of leadership and
performance make him one of the most respected leaders in the defense
industry," Rudman added.
"The board would like to thank Dan Burnham for his many contributions to
Raytheon and for his leadership in this transitional year," Rudman said.
"I'm honored to take on the role of chairman of the board," Swanson said.
"I have a deep commitment to this company and a passion for our customers and
employees."
Swanson has been chief executive officer and president of Raytheon since
July 1, 2003. He has been with the company for 31 years. He was named
president of the company in July 2002, and was an executive vice president of
Raytheon and president of the former Electronic Systems, an $8 billion defense
electronics business. During his tenure with Raytheon, he has held a wide
range of challenging positions, including manufacturing manager of the
company's Equipment Division, senior vice president and general manager of the
Missile Systems division, and chairman and chief executive officer of Raytheon
Systems Company.
On Jan. 28, 2004 Swanson's new title will be chairman, chief executive
officer and president.
Burnham joined Raytheon on July 1, 1998, as president and chief operating
officer and was appointed chief executive officer in December 1998 and
chairman in August 1999. Burnham announced his intention to step down as
Raytheon's chief executive officer effective July 1, 2003 at Raytheon's annual
shareholders meeting on April 23, 2003.
Raytheon Company, with 2002 sales of $16.8 billion, is an industry leader
in defense, government and commercial electronics, space, information
technology, technical services and business and special mission aircraft.
With headquarters in Waltham, Mass., Raytheon employs more than 76,000 people
worldwide.
Contact:
James Fetig
781-522-5111
SOURCE Raytheon Company
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Related links:
http://www.raytheon.com
CONTACT:
James Fetig of Raytheon Company,
+1-781-522-5111
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