William H Swanson News

Raytheon Company says its Board of Directors has elected Dr. Thomas A. Kennedy to serve as its Chief Executive Officer, effective March 31, 2014, when William H. Swanson, who has served as CEO since 2003, steps down following his 65th birthday. Afterwards, Swanson will continue to serve as Chairman of the Board of Directors while the Company completes the transition to the new Chief Executive Officer. The Raytheon Board of Directors also elected Dr. Kennedy to serve on the Raytheon Company Board of Directors, effective January 15, 2014. Dr.

Raytheon Company (NYSE:RTN) won a cost plus award fee contract to be the systems integrator for the DD(X), the U.S. Navy's next-generation surface combatant ship. The contract is expected to total $1.36 billion over the next three years. Raytheon is a partner on the industry "Gold Team" that was selected by the Navy to design, develop, build, and conduct at-sea tests of Engineering Development Models (EDMs) and then apply the results of the testing to a comprehensive DD(X) ship system design. The "Gold Team" is being lead by Northrop Grumman Ship Systems. "This is a very important win for Raytheon in an area that provides great potential for growth for our company," said Daniel P. Burnham, Raytheon Company's chairman of the board and chief executive officer.