Raytheon Names New CEO - TheStreet

Raytheon Names New CEO

The company says William Swanson will take over the post from Daniel Burnham.
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Raytheon

(RTN) - Get Report

said William H. Swanson, a 31-year veteran of the defense and electronics company, has been named its new chief executive, in addition to his title of president.

He was also elected to the board of directors. Swanson, 54, has been president of Raytheon since July 2002.

Swanson replaces Daniel P. Burnham as CEO. Burnham, who will remain chairman of the board for now, said in April that he planned to step down from the CEO post.

Prior to becoming president, Swanson was an executive vice president of Raytheon and president of the former Electronic Systems, an $8 billion defense electronics business. During his time with Raytheon, he has held a variety of management positions.

Burnham joined Raytheon in July 1998 as president and chief operating officer, and he was appointed CEO in December 1998 and chairman in August 1999.

Shares of Raytheon were down 13 cents to $32.71 on the

New York Stock Exchange

.