Raytheon [RTN] on Monday said that the company’s board has elected its CEO Thomas Kennedy to become chairman effective October 1.
Kennedy will succeed William Swanson, who has been chairman of the company since 2004. Kennedy succeeded Swanson as CEO in March and became a director on the company’s board in January.
“As CEO and Director, Tom has hit the ground running, driving the company’s performance and shaping the company’s strategy,” Vern Clark, Raytheon’s lead director, said in a statement.
Kennedy said last week during Raytheon’s second quarter earnings call that the company is aiming to further expand its international business and position it as an international company, not just a domestic exporter (Defense Daily
, July 24).