Ratheon Names Thomas Kennedy COO, Cuts 200 Jobs, Doesn't See Affect on 2013 Forecast

Raytheon Company

announced today that it is consolidating its businesses to streamline operations, increase productivity and achieve stronger alignment with its customers' priorities. The Raytheon Company structure will consist of four businesses: Intelligence, Information and Services, resulting from the combination of the Intelligence and Information Systems and Raytheon Technical Services businesses; and the Integrated Defense Systems, Missile Systems, and Space and Airborne Systems businesses, each of which will be expanded by the realignment of the former Network Centric Systems business operations. This new structure will be effective April 1, 2013. "Our new structure will help us enhance productivity, agility and affordability in a challenging defense and aerospace market environment," said William H. Swanson, Raytheon's Chairman and Chief Executive Officer. "We will remain focused on success for our global customers while returning value to our shareholders." Additionally, Raytheon's Board of Directors has elected Dr. Thomas A. Kennedy to the new position of executive vice president, chief operating officer. Kennedy previously served as vice president, Raytheon Company, and president of Integrated Defense Systems. "As we continue to operate in an increasingly competitive budget environment, our ability to enhance our operations, expand our global reach, and coordinate our development opportunities is critical to our success," said Swanson. "Tom's outstanding leadership skills and his deep understanding of our technologies, customers and global markets make him well qualified to fill this new and important role." In his new role, Kennedy will lead the company's consolidation efforts and will manage day-to-day operating activities, while contributing to the company's long-range planning and customer engagement strategies. Reporting to Swanson, Kennedy will provide direct leadership to Raytheon's business presidents as well as to the leaders of several of the company's enterprise functions, including: Engineering, Technology and Mission Assurance; Contracts and Supply Chain; Business Development; and the Global Business Services group.