has named Thomas Kennedy as its new CEO, to succeed William Swanson who will step down from the post March 31, 2014.
Thomas Kennedy will take over as CEO of Raytheon on March 31, 2014. Photo, courtesy of Raytheon.
Swanson has served as Raytheon's CEO since 2003 and will continue to serve as chairman of the board of directors during the leadership change.
Kennedy will take over the fourth largest defense contractor in the U.S. within a reduced defense-spending environment that has forced other large aerospace and defense contractors such as BAE Systems and Rockwell Collins to expand their commercial offerings. In October, the company reported that its third-quarter profit fell by 2.8 percent due to U.S. government spending cuts known as sequestration.
Kennedy has served as executive vice president and chief operating officer since April 2013, where he led the consolidation of Raytheon's six businesses to four to reduce operating costs. Raytheon's lead director, Vern Clark, calls Kennedy a "proven leader with a broad understanding of key technologies, keen customer focus and a deep understanding of Raytheon's business."