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Raytheon CEO Swanson plans to step down in March

Published on NewsOK Modified: January 15, 2014 at 8:28 am •  Published: January 15, 2014

WALTHAM, Mass. (AP) — Raytheon CEO William Swanson plans to step down from his post at the big defense contractor in March.

Swanson, who will turn 65 in February, has served as CEO of the Waltham, Mass.-based company since 2003. He will remain as chairman while the company completes the transition process.

Raytheon Corp. said Wednesday that Swanson will be succeeded by Executive Vice President and Chief Operating Officer Thomas Kennedy. The CEO appointment is effective on March 31.

The 58-year-old Kennedy was also named as a board member, effective Wednesday.