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|William H. Swanson Named Chairman of Raytheon Company|
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 -0- 12/17/2003 /CONTACT: James Fetig of Raytheon Company, +1-781-522-5111/ /Web site: http://www.raytheon.com/ (RTN) CO: Raytheon Company ST: Massachusetts IN: AIR ARO SU: PER EO-ES -- NEW027 -- 8686 12/17/2003 17:31 EST http://www.prnewswire.com