Swanson to retire from Raytheon

The Board of Directors of Raytheon Company has elected Thomas Kennedy, 59, chairman effective Oct. 1. Kennedy will replace William Swanson, Raytheon's current chairman of the board. Swanson is retiring from the company Sept. 30.

Swanson has served as chairman of the board since January 2004. He joined Raytheon Company in 1972 and has served in a wide range of leadership positions, including as the company's chief executive officer from July 2003 to March 2014.

Kennedy succeeded Swanson as chief executive officer of Raytheon in March. Kennedy previously served as executive vice president and chief operating officer of Raytheon from April 2013 to March 2014, and as vice president of Raytheon Company and president of Raytheon Integrated Defense Systems, one of the company's four operating businesses. He has worked for Raytheon in a number of positions with increasing responsibility for more than 31 years.