William H. Swanson (right), a 31-year veteran of Raytheon Company, became Chief Executive Officer and President of the Company Tuesday. He also has been elected to the board of directors.

Swanson, 54, has been president of Raytheon since July 2002 and succeeds Daniel P. Burnham, 56, who served as Raytheon's chairman and chief executive officer since July 1999. Burnham will remain chairman of the board for a period of time. Burnham announced his intention to step down as chief executive officer at Raytheon's annual shareholder's meeting on April 23.

"I'm honored to lead this company," said Swanson. "Those that know me, know that I have a real passion for our customers, employees and for the business."

Prior to becoming president in July 2002, Swanson was an executive vice president of Raytheon and president of the former Electronic Systems, an $8 billion defense electronics business. During his tenure with Raytheon, he has held a wide range of challenging positions, 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.

Burnham joined Raytheon on July 1, 1998, as president and chief operating officer and was appointed chief executive officer in December 1998 and chairman in August 1999.

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