Raytheon Technologies has announced that the Executive Chairman of its Board of Directors, Thomas A. Kennedy, has made the decision to retire effective June 1, 2021.
Kennedy has held the title since April 2020, following the mega-merger between Raytheon Company and United Technologies Corporation. Prior to the merger, he was Chairman and CEO of Raytheon for six years and has been with the company for the last 38 years in various roles.
To fill Kennedy’s vacancy, the aerospace and defense behemoth has appointed former United Technologies Corporation CEO Greg Hayes as Chairman of the Board in addition to his current role as its CEO.
In a statement, Kennedy called the past year transformative and said, “It has been my honor to lead this organization and our exemplary employees around the world. I have enjoyed the partnership with Greg and his talented management team, and I'm confident the company will continue to deliver on redefining the future of aerospace and defense.”
"I appreciate the continuing support and confidence of the Raytheon Technologies Board of Directors and I am excited for the future of our company, Hayes said. “Tom's vision for the creation of Raytheon Technologies guided the completion of the merger and the past year of integration.”
The transition announcement came just a day before the company’s first quarter 2021 earnings statement in which the company recorded $15 billion in sales. The company also boosted its earnings projection for the full year from $63.4 - $65.4 billion in sales to $63.9 - $65.4 billion due to a strong defense backlog and the continued recovery of commercial air travel.
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