Raytheon [RTN] Chairman and CEO Thomas Kennedy on Wednesday said that Dave Wajsgras, the company’s chief financial officer (CFO), will take over as president of the Intelligence, Information and Services (IIS) segment on March 2 following the retirement of Lynn Dugle, who has led the business for nearly five years.
Kennedy also said that Anthony “Toby” O’Brien, who is the vice president and CFO of Raytheon’s Integrated Defense Systems segment, will become the corporate CFO in March.
“Today’s executive announcements reflect our focus on strong talent development and succession planning,” Kennedy, 59, said in a statement. “Dave’s tenure as CFO has been an integral component of an exceptional growth period for the company. His focus on delivering value to our customers and investors will help support our global growth strategy at IIS.”
Raytheon didn’t elaborate on Kennedy’s statement about succession planning, although it would appear that giving Wajsgras the chief role of one of the company’s core operating segments might be in line with grooming him to eventually become the corporate chief.
The IIS business had just over $6 billion in sales in 2013.
Wajsgras, 55, joined Raytheon as CFO in 2006 from Lear Corp. [LEA], where he spent seven years in various financial and operational positions, including CFO.
O’Brien, 50, has been with Raytheon since 1989 and has also held finance positions in its Airline Aviation Services and International Landed Companies and served as CFO of the former Raytheon Aircraft Company that was divested.
Kennedy said that O’Brien’s long service with Raytheon has provided him a “deep knowledge of our company and our customers. His extensive expertise in all aspects of finance and the defense industry provide a strong foundation for his future success as our new CFO and for the fiscal stewardship of Raytheon.”
Dugle, 55, has been with Raytheon for 10 years. Kennedy thanked Dugle for her service to the company, saying her “leadership in transforming IIS into a global cyber and security services business represents a lasting legacy of innovation and customer success.”