Effective July 1, William Swanson, a 31-year Raytheon veteran who was president of the Lexington, Mass. company, takes over as CEO. Swanson replaces Dan Burnham, who announced one day after presenting the company’s first-quarter financial results that he would leave the company. Burnham joined Raytheon in July 1998 from AlliedSignal, where he was president and COO.
William H. Swanson
Waltham, Mass.-based Raytheon is selling Flight Options, its Cleveland-based business aircraft fractional share division. On October 15 the company entered into a definitive agreement to sell the fractional provider to HIG Capital, a Miami-based global private investment firm.
Waltham, Mass.-based Raytheon, during its third-quarter earnings conference this morning, announced its decision to sell Flight Options, its Cleveland-based business aircraft fractional share division. On October 15 the company entered into a definitive agreement to sell the fractional provider to HIG Capital, a Miami-based global private investment firm.
One day after presenting the company’s first-quarter results, Dan Burnham revealed that he will step down as CEO of Raytheon Co., effective July 1. In a statement, Burnham, 56, said, “It was a difficult decision, but I am ready to begin a new, more personal phase in my life.” Burnham joined Raytheon in July 1998 from AlliedSignal, where he was president and COO.
RAYTHEON SEC PROBE FOCUSES ON BEECH 1900D
Net sales for Flight Options increased in the fourth quarter of last year compared with the same period in 2005, but the fractional provider recorded an operating loss. Nevertheless, parent Raytheon stands by its fractional provider. “Flight Options essentially met or exceeded all the operational objectives that we had in place,” said Raytheon CFO Dave Wajsgras.
William Swanson, 54, has been elected chairman of Raytheon Co., effective January 28. He replaces Dan Burnham, 57, who will retire from the Waltham, Mass.-based parent company of Raytheon Aircraft. Swanson is a 31-year Raytheon veteran. On July 1 Swanson took over as CEO of Raytheon from Burnham, who joined the company in July 1998 from AlliedSignal, where he was president and COO.
“Overall, Raytheon Aircraft had the best quarter” in its history in terms of financial performance, said William Swanson, chairman and CEO of parent Raytheon Company. According to the company’s first quarter results released this morning, Raytheon Aircraft delivered 44 business jets and turboprops compared with 27 in the same period a year ago. In the quarter, the company booked orders for 45 turbine airplanes versus 34 last year.
The bull is back, or at least it appears to be. After watching business aviation limp along for the past three years, executives at Textron, General Dynamics and Raytheon are now optimistic that the industry is on the rebound.