Raytheon Technologies [RTX] on Monday said its board has increased the company’s quarterly dividend to 51 cents per share, a more than 7 percent boost from the current dividend, payable on June 17.

“The increase in our dividend reflects our long-standing commitment to deliver consistent and growing cash returns to shareowners,” Raytheon Technologies CEO Greg Hayes said in a statement. “The outlook for our company is positive and we remain on track to return $18 to $20 billion to shareowners in the four years following the merger.”

The company also said that Hayes will add the role of chairman of the board effective June 1, at which time Thomas Kennedy, the current executive chairman, will retire. Kennedy, the former chairman and CEO of Raytheon, which was acquired last year by United Technologies to form Raytheon Technologies, has been executive chairman for the past year.

“Tom was a key architect of the merger and has been integral to the combination of Raytheon and United Technologies into an aerospace and defense powerhouse,” Dinesh Paliwal, independent lead director for Raytheon Technologies, said in a statement. “His deep experience and guidance have been invaluable through the merger and we are grateful for his leadership over the last year.”

Paliwal said Hayes “has been a strong leader throughout this transformational period for Raytheon Technologies and continues to successfully execute on the company’s strategic priorities to deliver near- and long-term value for shareowners.”