Defense contractor

Raytheon

(RTN) - Get Report

announced the resignation of its embattled senior vice president and chief financial officer, Frank Caine.

The Lexington, Mass., company, known for its Tomahawk and Patriot missiles, said Edward S. Pliner, 44, would replace Caine. Caine is ending a three-and-a-half-year stint with the company, during which he was criticized for not capitalizing on the nation's increased demand for military weaponry and equipment.

Pliner, meanwhile, prior to joining Raytheon, was a partner at PricewaterhouseCoopers in the field of technology. Previously, he managed the finances of several political campaigns. Pliner, a certified public accountant, received a B.A. in political science from Tufts University in 1980 and a master's degree in business administration from Harvard in 1990.

Raytheon's shares climbed 74 cents, or 2.6%, to $29.27 in early trading on the news. Heading into Wednesday's session, the stock was down 37% from its 52-week high of $45.23 set back in late June.