Burnham Decides to Step Down as Raytheon CEO, Continue as
Non-Executive Chairman; Swanson to be Named Chief Executive
Raytheon Company announced that effective July 1,
2003, its chairman and chief executive officer, Daniel P. Burnham,
56, has decided to step down as chief executive officer of the
company. Burnham will continue to serve on the board as
"Dan Burnham has brought a clear vision, strong leadership and
critical change to Raytheon," said Warren B. Rudman, lead director
of the Raytheon Board of Directors and former U.S. Senator. "He
faced challenging issues with courage and integrity and steps down
as CEO with Raytheon well positioned for future success. The board
reluctantly accepted Dan's decision and is grateful to him for his
exemplary service. We are pleased that he has agreed to remain as
non-executive chairman of the board to ensure a smooth transition,"
The board of directors today named William H.
Swanson, 54, currently president of Raytheon (right), to succeed
Burnham as CEO. Swanson will assume his new responsibilities as
president and chief executive officer effective July 1, 2003.
"Bill Swanson brings tremendous experience in the defense
industry and a proven record of leadership and performance to his
new responsibilities," Rudman said. "We are delighted to have a
leader with Bill's experience and capability in the company to
succeed Dan as CEO," he added.
In reflecting on his decision to step down as CEO, Burnham said:
"Raytheon is performing well. I am leaving a very good company in
great hands. I have had a terrific business career for more than 35
years, and I am especially proud of the last five years here at
Raytheon. It was a difficult decision, but I am ready to begin a
new, more personal phase in my life."
Burnham said he was proud of the company's accomplishments over
the last five years and that Bill Swanson is the right leader to
become Raytheon's next CEO. "Bill is a seasoned and gifted
executive; there is no one better in the defense industry. He has
the experience, the instincts and the track record to lead Raytheon
in this exciting time in our history," Burnham said.
Swanson has been with Raytheon for almost 31 years. He was named
president of Raytheon in July 2002. Before assuming this position,
Swanson was an executive vice president of the company and
president of the former Electronic Systems, an $8 billion defense
electronics business. He has held a wide range of challenging
positions over his tenure with company, including manufacturing
manager of the company's Equipment Division, senior vice president
and general manager of the Missile Systems Division and chairman
and chief executive officer of Raytheon Systems Company.
"Raytheon is a better company because of Dan, and
I want to thank him for the trust he has placed in me as well as
his friendship. I would also like to thank the Raytheon Board of
Directors for the confidence they have shown in me to give me the
opportunity to be the next CEO of Raytheon. I look forward to
continuing to work side-by-side with our employees to help the
company achieve even greater customer success. I couldn't be more
excited about the future of Raytheon," Swanson said.
Burnham (bottom photo) joined Raytheon on July 1, 1998, as
president and chief operating officer from AlliedSignal, where he
served as vice chairman and a member of the board of directors.
Burnham was appointed Raytheon's chief executive officer in
December 1998 and chairman in August 1999.