Raytheon [RTN] on Wednesday said its board has elected Thomas Kennedy to be the company’s next CEO effective March 31, succeeding William Swanson, who remains as chairman while the company undergoes the leadership transition.
Kennedy, 58, has been Raytheon’s chief operating officer (COO) since April 2013 and led the company’s consolidation last year from six business segments into four. His appointment as COO came a month after Swanson informed the board that he planned to retire in March following his 65th birthday in February.
Raytheon did not previously disclose Swanson’s retirement plans. The company does not have a mandatory retirement age.
Kennedy has been with Raytheon for 30 years. Before becoming COO, Kennedy led the company’s Integrated Defense Systems segment since 2010. Before that, he was vice president of the Space and Airborne Systems segment, overseeing strategy and operations for Tactical Airborne Systems. Kennedy also has led efforts in several radar and electronic warfare system development programs, including responsibility for the United Kingdom Ministry of Defence’s Airborne Stand-Off Radar.
“Tom Kennedy is a proven leader with a broad understanding of key technologies, keen customer focus, and a deep understanding of Raytheon’s business,” Vern Clark, lead director of Raytheon, said in a statement. “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.
Before joining Raytheon, Kennedy was a captain in the Air Force. Effective immediately, Kennedy was elected to the company’s board.
Swanson became CEO in 2003 as the company was extracting itself from a troubled engineering and construction business that hindered its earnings performance. He has worked to streamline operations and boost efficiencies, improve program execution, maintain a commitment to research and development, and drive international business growth.
“Under Bill’s leadership as CEO these past 10 years, Raytheon has become a customer-focused leader in the aerospace and defense industry,” Clark also said in a statement. “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.”