Raytheon Company
Raytheon: Aspiring to be the most admired defense and aerospace systems supplier through world-class people and technology
Raytheon is an industry leader in defense and government electronics, space, information technology, technical services, and business aviation and special mission aircraft.
William H.Swanson,
The Chairman of the Board
Chief Executive Officer of Raytheon Company
William H. Swanson (born 1950) is the chairman and chief executive officer of Raytheon Company. Before becoming chairman in January 2004, he was CEO and president of the company. Prior to that he was president of the company, responsible for Raytheon’s government and defense operations, including the four Strategic Business Areas of Missile Defense; Precision Engagement; Intelligence, Surveillance and Reconnaissance (ISR); and Homeland Security. Before that, he was a Raytheon executive vice president and president of Electronic Systems.
A native of California, Swanson graduated magna cum laude from California Polytechnic State University (which he attended on a golf scholarship)with a bachelors degree in industrial engineering. He earned his graduate degree in business administration from Golden Gate University. He was selected as the Outstanding Industrial Engineering Graduate in 1972, and in 1991 was recognized as an Honored Alumnus by California Polytechnic State University School of Engineering.
Swanson joined Raytheon in 1972 and has held a wide range of leadership positions, including manufacturing manager of the company’s Equipment Division, senior vice president and general manager of the Missile Systems Division, general manager of Raytheon Electronic Systems, and chairman and chief executive officer of Raytheon Systems Company.
Swanson is also a member of the board of directors of Sprint Nextel Corporation[1], the Congressional Medal of Honor Foundation Board of Directors[2], the California Polytechnic State University President’s Cabinet, and the Rose Kennedy Greenway board[3]. Pepperdine University made him a member of their board of regents[4] and awarded him an honorary Doctor of Laws degree.
Swanson is also a member of the Secretary of the Air Force Advisory Board and is a trustee of the Association of the U.S. Army. He serves as a member of the National Defense Industrial Association, the Navy League, the Air Force Association, and the Board of Governors of the Aerospace Industries Association. He is a member of the CIA Officers Memorial Foundation board of advisors, an associate fellow of the American Institute of Aeronautics and Astronautics, and a member of the President’s National Security Telecommunications Advisory Committee.
References
↑ List of Directors from Sprint's website
↑ Board of Directors from the website of the Congressional Medal of Honor Foundation
↑ Board members chosen for Greenway Conservancy, a press release from the website of the Boston Redevelopment Authority
↑ Board of Regents from the Pepperdine University website
Biography of William H. Swanson (in PDF format), from Raytheon's website
Industry: Aerospace/Defense - Major Diversifie
Sector: Industrial Goods
Price: 45.99 Change: .5700 %Change: 1.25
Mon Apr 24 2006
Advanced Chart for Raytheon Company (RTN)
The Hoover Company
Overview
Raytheon ("light of the gods") has taken a shine to its place in the upper pantheon of US defense contractors (along with Lockheed Martin, Boeing, and Northrop Grumman). The company's defense offerings include missile systems (Patriot, Hawk, and Tomahawk), radars, and reconnaissance, targeting, and navigation systems. Raytheon also makes radios, air traffic control systems and radars, and satellite communications systems. The company's Raytheon Aircraft unit makes turboprop aircraft and Beech and Hawker jets. Raytheon also offers commercial electronics products and services, but the US government (including foreign military sales) accounts for nearly three-quarters of sales.
UNITED STATES OF AMERICA
BEFORE THE
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 46897 / November 25, 2002
ADMINISTRATIVE PROCEEDING
File No. 3-10950
--------------------------------------------------------------------------------
In the Matter of
Raytheon Company and
Franklyn A. Caine,
Respondents.
ORDER INSTITUTING PUBLIC CEASE-AND-DESIST PROCEEDINGS, MAKING FINDINGS, AND IMPOSING A CEASE-AND-DESIST ORDER PURSUANT TO SECTION 21C OF THE SECURITIES EXCHANGE ACT OF 1934 file
Current United States Secretary of the Air Force
Michael W. Wynne
Michael W. Wynne is the Secretary of the Air Force, Washington, D.C. He is responsible for the affairs of the Department of the Air Force, including the organizing, training, equipping and providing for the welfare of its nearly 370,000 men and women on active duty, 180,000 members of the Air National Guard and the Air Force Reserve, 160,000 civilians, and their families. With an annual budget of approximately $110 billion, he ensures the Air Force can meet its current and future operational requirements.
Mr. Wynne graduated from the United States Military Academy and served in the Air Force for seven years, ending his career as a captain and assistant professor of astronautics at the United States Air Force Academy. He spent three years with Lockheed Martin selling the Space Systems Division to then Martin Marietta. He successfully integrated the division into the Astronautics Company and became the General Manager of the Space Launch Systems segment, combining the Titan with the Atlas Launch vehicles. For the next 23 years, Mr. Wynne held a variety of senior positions at General Dynamics, retiring in 1999 as Senior Vice President where his role was in International Development and Strategy. Throughout his career at General Dynamics, he held positions with the Aircraft (F-16s), Main Battle Tanks (M1A2 Abrams), and Space Launch Vehicles (Atlas and Centaur) Divisions.
Prior to joining the Bush Administration, Mr. Wynne was involved in venture capital. He nurtured small technology companies through their startup phase as a member of the NextGenFund Executive Committee, and served in executive positions of two of those companies. In July 2001, Mr. Wynne was confirmed as Principal Deputy Under Secretary of Defense for Acquisition, Technology and Logistics, and in May 2003 he was appointed as acting Under Secretary of Defense for Acquisition, Technology and Logistics. In this role, Mr. Wynne was the Principal Staff Assistant and adviser to the Secretary and Deputy Secretary of Defense for all matters relating to the Department of Defense Acquisition System, research and development, advanced technology, developmental test and evaluation, production, logistics, installation management, military construction, procurement, environmental security, and nuclear, chemical and biological matters. Mr. Wynne has published numerous professional journal articles relating to engineering, cost estimating and contracting.
Education
1966 Bachelor of Science degree in general engineering, United States Military Academy, West Point, New York
1970 Master's degree in electrical engineering, Air Force Institute of Technology, Wright-Patterson Air Force Base, Ohio
1975 Master's degree in business, University of Colorado, Colorado Springs
Career Chronology
June 1966 - June 1973, Air Force officer
May 1994 - March 1997, General Manager, Space Launch Systems, Lockheed Martin Astronautics, Denver, Colorado
July 1997 - October 1999, Senior Vice President, General Dynamics, Falls Church, Virginia
December 2000 - July 2001, Chairman and Chief Executive Officer, IXATA Group, McClean, Virginia
July 2001 - October 2005, Principal Deputy Under Secretary of Defense for Acquisition, Technology and Logistics, Washington, D.C. (May 2003 - April 2005, also served as acting Under Secretary of Defense for Acquisition, Technology and Logistics)
April 2005 - June 2005, Under Secretary of Defense for Acquisition, Technology and Logistics, Washington, D.C.
November 2005 - present, Secretary of the Air Force, Washington, D.C.
Official Biography
It should be noted that the Raytheon Company made $21.9 billion in 2005 sales.
Raytheon board cuts CEO pay after book flap
May 4, 2006
By Jim Wolf
Yahoo News
ARLINGTON, Va (Reuters) - Raytheon Co.'s (NYSE:RTN - news) board said on Wednesday that it cut its chief executive's compensation in response to what others have called plagiarism in a management booklet, a penalty that one person familiar with the matter said could cost him $1 million.
At the same time, the defense contractor's board said it retained full confidence in William Swanson, 57, who doubles as board chairman and has presided over strong company growth.
The board said in a statement after the annual shareholders' meeting here that it had voiced "deep concern" to Swanson over disclosures involving his "Unwritten Rules of Management," a pamphlet the company had distributed free of charge.
An item on an Internet blog on April 20 accused Swanson of plagiarism for handing out as his own materials that were in some cases identical to those in a 1944 book by W.J. King titled "The Unwritten Laws of Engineering."
In remarks at the shareholders meeting, Swanson's said that he failed to "properly check the source material" for a presentation that was at the origin of his handbook "and did not confirm the appropriate attribution of the material."
"And I would like to close these remarks by apologizing especially to those whose material I wish I had treated with greater care," he said.
The board said in its statement that in response to this matter, it "has decided not to raise Mr. Swanson's salary above its 2005 level, and will reduce the amount of restricted stock for which he is eligible in the coming year by 20 percent."
"While the board obviously takes this matter very seriously, it feels strongly it should not overshadow Mr. Swanson's extraordinary vision and performance in leading this company during the past three years," it said.
Raytheon, the Pentagon's fifth-biggest supplier, paid Swanson $1.1 million in salary in 2005 plus a $2.6 million bonus, according to a regulatory filing in March. It also handed him 75,000 restricted Raytheon shares, worth $3.37 million at the current stock price.
The 20 percent cut in restricted shares, based on Wednesday's price, would cost Swanson roughly $675,000. That figure does not include the likely rise in the number of such shares Swanson could have expected this year.
All told, the sanctions could total $1 million, including the pay raise he might have otherwise received, the person familiar with Raytheon's compensation policies said.
"It could be a million dollars, that's a fair statement," said the person, who asked not to be named.
Nell Minow of the Corporate Library, which rates corporate boards on their effectiveness, faulted the sanctions as not "commensurate with the offense" and said they created a double standard.
"This is something any other person in the company would be fired for doing," she said.
The board's response would be a "net minus" in her next review of its performance, Minow said in a telephone interview, adding that the appropriate response would have been a suspension or a resignation.
Former U.S. Senator Warren Rudman, the board's outgoing lead director, said the board had satisfied itself after an extensive investigation that Swanson's error was not deliberate, but poor judgment or negligence.
"If you were to fire CEOs for unintentional errors, then you'd be replacing CEOs every year," he said in a telephone interview. "I think there's a great difference between an intentional act and an unintentional act."
Raytheon officials sought to prevent a reporter from questioning Swanson after the meeting, despite having invited the reporter last month for that purpose.
Pressed on whether he was admitting to plagiarism, Swanson told Reuters: "My remarks covered the topic. I don't have any more to add to that."
Sky-high chief executive pay is a perennial cause for outrage among U.S. government officials and investor advocates.
The Securities and Exchange Commission is working on a measure that would require companies to disclose more information about how much they pay top executives and why.
(Additional reporting by Bill Rigby in New York and Kevin Drawbaugh in Washington)
Raytheon is an industry leader in defense and government electronics, space, information technology, technical services, and business aviation and special mission aircraft.
William H.Swanson,
The Chairman of the Board
Chief Executive Officer of Raytheon Company
William H. Swanson (born 1950) is the chairman and chief executive officer of Raytheon Company. Before becoming chairman in January 2004, he was CEO and president of the company. Prior to that he was president of the company, responsible for Raytheon’s government and defense operations, including the four Strategic Business Areas of Missile Defense; Precision Engagement; Intelligence, Surveillance and Reconnaissance (ISR); and Homeland Security. Before that, he was a Raytheon executive vice president and president of Electronic Systems.
A native of California, Swanson graduated magna cum laude from California Polytechnic State University (which he attended on a golf scholarship)with a bachelors degree in industrial engineering. He earned his graduate degree in business administration from Golden Gate University. He was selected as the Outstanding Industrial Engineering Graduate in 1972, and in 1991 was recognized as an Honored Alumnus by California Polytechnic State University School of Engineering.
Swanson joined Raytheon in 1972 and has held a wide range of leadership positions, including manufacturing manager of the company’s Equipment Division, senior vice president and general manager of the Missile Systems Division, general manager of Raytheon Electronic Systems, and chairman and chief executive officer of Raytheon Systems Company.
Swanson is also a member of the board of directors of Sprint Nextel Corporation[1], the Congressional Medal of Honor Foundation Board of Directors[2], the California Polytechnic State University President’s Cabinet, and the Rose Kennedy Greenway board[3]. Pepperdine University made him a member of their board of regents[4] and awarded him an honorary Doctor of Laws degree.
Swanson is also a member of the Secretary of the Air Force Advisory Board and is a trustee of the Association of the U.S. Army. He serves as a member of the National Defense Industrial Association, the Navy League, the Air Force Association, and the Board of Governors of the Aerospace Industries Association. He is a member of the CIA Officers Memorial Foundation board of advisors, an associate fellow of the American Institute of Aeronautics and Astronautics, and a member of the President’s National Security Telecommunications Advisory Committee.
References
↑ List of Directors from Sprint's website
↑ Board of Directors from the website of the Congressional Medal of Honor Foundation
↑ Board members chosen for Greenway Conservancy, a press release from the website of the Boston Redevelopment Authority
↑ Board of Regents from the Pepperdine University website
Biography of William H. Swanson (in PDF format), from Raytheon's website
Industry: Aerospace/Defense - Major Diversifie
Sector: Industrial Goods
Price: 45.99 Change: .5700 %Change: 1.25
Mon Apr 24 2006
Advanced Chart for Raytheon Company (RTN)
The Hoover Company
Overview
Raytheon ("light of the gods") has taken a shine to its place in the upper pantheon of US defense contractors (along with Lockheed Martin, Boeing, and Northrop Grumman). The company's defense offerings include missile systems (Patriot, Hawk, and Tomahawk), radars, and reconnaissance, targeting, and navigation systems. Raytheon also makes radios, air traffic control systems and radars, and satellite communications systems. The company's Raytheon Aircraft unit makes turboprop aircraft and Beech and Hawker jets. Raytheon also offers commercial electronics products and services, but the US government (including foreign military sales) accounts for nearly three-quarters of sales.
UNITED STATES OF AMERICA
BEFORE THE
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 46897 / November 25, 2002
ADMINISTRATIVE PROCEEDING
File No. 3-10950
--------------------------------------------------------------------------------
In the Matter of
Raytheon Company and
Franklyn A. Caine,
Respondents.
ORDER INSTITUTING PUBLIC CEASE-AND-DESIST PROCEEDINGS, MAKING FINDINGS, AND IMPOSING A CEASE-AND-DESIST ORDER PURSUANT TO SECTION 21C OF THE SECURITIES EXCHANGE ACT OF 1934 file
Current United States Secretary of the Air Force
Michael W. Wynne
Michael W. Wynne is the Secretary of the Air Force, Washington, D.C. He is responsible for the affairs of the Department of the Air Force, including the organizing, training, equipping and providing for the welfare of its nearly 370,000 men and women on active duty, 180,000 members of the Air National Guard and the Air Force Reserve, 160,000 civilians, and their families. With an annual budget of approximately $110 billion, he ensures the Air Force can meet its current and future operational requirements.
Mr. Wynne graduated from the United States Military Academy and served in the Air Force for seven years, ending his career as a captain and assistant professor of astronautics at the United States Air Force Academy. He spent three years with Lockheed Martin selling the Space Systems Division to then Martin Marietta. He successfully integrated the division into the Astronautics Company and became the General Manager of the Space Launch Systems segment, combining the Titan with the Atlas Launch vehicles. For the next 23 years, Mr. Wynne held a variety of senior positions at General Dynamics, retiring in 1999 as Senior Vice President where his role was in International Development and Strategy. Throughout his career at General Dynamics, he held positions with the Aircraft (F-16s), Main Battle Tanks (M1A2 Abrams), and Space Launch Vehicles (Atlas and Centaur) Divisions.
Prior to joining the Bush Administration, Mr. Wynne was involved in venture capital. He nurtured small technology companies through their startup phase as a member of the NextGenFund Executive Committee, and served in executive positions of two of those companies. In July 2001, Mr. Wynne was confirmed as Principal Deputy Under Secretary of Defense for Acquisition, Technology and Logistics, and in May 2003 he was appointed as acting Under Secretary of Defense for Acquisition, Technology and Logistics. In this role, Mr. Wynne was the Principal Staff Assistant and adviser to the Secretary and Deputy Secretary of Defense for all matters relating to the Department of Defense Acquisition System, research and development, advanced technology, developmental test and evaluation, production, logistics, installation management, military construction, procurement, environmental security, and nuclear, chemical and biological matters. Mr. Wynne has published numerous professional journal articles relating to engineering, cost estimating and contracting.
Education
1966 Bachelor of Science degree in general engineering, United States Military Academy, West Point, New York
1970 Master's degree in electrical engineering, Air Force Institute of Technology, Wright-Patterson Air Force Base, Ohio
1975 Master's degree in business, University of Colorado, Colorado Springs
Career Chronology
June 1966 - June 1973, Air Force officer
May 1994 - March 1997, General Manager, Space Launch Systems, Lockheed Martin Astronautics, Denver, Colorado
July 1997 - October 1999, Senior Vice President, General Dynamics, Falls Church, Virginia
December 2000 - July 2001, Chairman and Chief Executive Officer, IXATA Group, McClean, Virginia
July 2001 - October 2005, Principal Deputy Under Secretary of Defense for Acquisition, Technology and Logistics, Washington, D.C. (May 2003 - April 2005, also served as acting Under Secretary of Defense for Acquisition, Technology and Logistics)
April 2005 - June 2005, Under Secretary of Defense for Acquisition, Technology and Logistics, Washington, D.C.
November 2005 - present, Secretary of the Air Force, Washington, D.C.
Official Biography
It should be noted that the Raytheon Company made $21.9 billion in 2005 sales.
Raytheon board cuts CEO pay after book flap
May 4, 2006
By Jim Wolf
Yahoo News
ARLINGTON, Va (Reuters) - Raytheon Co.'s (NYSE:RTN - news) board said on Wednesday that it cut its chief executive's compensation in response to what others have called plagiarism in a management booklet, a penalty that one person familiar with the matter said could cost him $1 million.
At the same time, the defense contractor's board said it retained full confidence in William Swanson, 57, who doubles as board chairman and has presided over strong company growth.
The board said in a statement after the annual shareholders' meeting here that it had voiced "deep concern" to Swanson over disclosures involving his "Unwritten Rules of Management," a pamphlet the company had distributed free of charge.
An item on an Internet blog on April 20 accused Swanson of plagiarism for handing out as his own materials that were in some cases identical to those in a 1944 book by W.J. King titled "The Unwritten Laws of Engineering."
In remarks at the shareholders meeting, Swanson's said that he failed to "properly check the source material" for a presentation that was at the origin of his handbook "and did not confirm the appropriate attribution of the material."
"And I would like to close these remarks by apologizing especially to those whose material I wish I had treated with greater care," he said.
The board said in its statement that in response to this matter, it "has decided not to raise Mr. Swanson's salary above its 2005 level, and will reduce the amount of restricted stock for which he is eligible in the coming year by 20 percent."
"While the board obviously takes this matter very seriously, it feels strongly it should not overshadow Mr. Swanson's extraordinary vision and performance in leading this company during the past three years," it said.
Raytheon, the Pentagon's fifth-biggest supplier, paid Swanson $1.1 million in salary in 2005 plus a $2.6 million bonus, according to a regulatory filing in March. It also handed him 75,000 restricted Raytheon shares, worth $3.37 million at the current stock price.
The 20 percent cut in restricted shares, based on Wednesday's price, would cost Swanson roughly $675,000. That figure does not include the likely rise in the number of such shares Swanson could have expected this year.
All told, the sanctions could total $1 million, including the pay raise he might have otherwise received, the person familiar with Raytheon's compensation policies said.
"It could be a million dollars, that's a fair statement," said the person, who asked not to be named.
Nell Minow of the Corporate Library, which rates corporate boards on their effectiveness, faulted the sanctions as not "commensurate with the offense" and said they created a double standard.
"This is something any other person in the company would be fired for doing," she said.
The board's response would be a "net minus" in her next review of its performance, Minow said in a telephone interview, adding that the appropriate response would have been a suspension or a resignation.
Former U.S. Senator Warren Rudman, the board's outgoing lead director, said the board had satisfied itself after an extensive investigation that Swanson's error was not deliberate, but poor judgment or negligence.
"If you were to fire CEOs for unintentional errors, then you'd be replacing CEOs every year," he said in a telephone interview. "I think there's a great difference between an intentional act and an unintentional act."
Raytheon officials sought to prevent a reporter from questioning Swanson after the meeting, despite having invited the reporter last month for that purpose.
Pressed on whether he was admitting to plagiarism, Swanson told Reuters: "My remarks covered the topic. I don't have any more to add to that."
Sky-high chief executive pay is a perennial cause for outrage among U.S. government officials and investor advocates.
The Securities and Exchange Commission is working on a measure that would require companies to disclose more information about how much they pay top executives and why.
(Additional reporting by Bill Rigby in New York and Kevin Drawbaugh in Washington)
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