Raytheon Board Elects Thomas Kennedy As CEO - Quick Facts

(RTTNews) - Raytheon Company (RTN) announced its Board has elected Thomas Kennedy as the CEO, effective March 31, 2014. Kennedy will succeed William Swanson, who has served as the CEO since 2003. Swanson will continue to serve as Chairman of the Board while the company completes the transition to the new CEO. The Raytheon Board also elected Kennedy to serve on the Raytheon Board, effective January 15, 2014.

Kennedy has served as executive vice president and chief operating officer of Raytheon since April 2013. Previously, he served as vice president of Raytheon Company and president of Raytheon Integrated Defense Systems, one of the company's four operating businesses.

The company said the change in its leadership was undertaken as part of the Board's orderly leadership transition planning process.