Raytheon Names Neil Mitchill as Chief Financial Officer
By Kristin Broughton
Raytheon Technologies Corp. named Neil Mitchill as chief
financial officer, succeeding former CFO Anthony O'Brien, who left
Mr. Mitchill's appointment took effect Wednesday, the Waltham,
Mass.-based aerospace supplier said Friday. Raytheon declined to
provide a reason for Mr. O'Brien's departure.
Mr. Mitchill was previously corporate vice president of
financial planning and analysis and investor relations. In 2019, he
was named interim CFO of United Technologies Corp. ahead of the
company's $135 billion merger with Raytheon Co., a promotion that
analysts viewed at the time as an audition for a larger executive
role. He joined United Technologies in 2014.
"Neil is a proven leader who successfully guided our finance
team through the merger," Greg Hayes, Raytheon's chief executive,
said in a press release. He also praised Mr. Mitchill for playing a
key role in the combined company's capital allocation and cash
The company declined to make Mr. Mitchill available for an
Mr. O'Brien was named CFO of Raytheon in 2015, and four years
later was named CFO of the combined company. He is eligible to
receive certain separation payments and acceleration of equity
awards granted to him before the closing of the merger, the company
said in a regulatory filing.
The abrupt change follows a rocky year for Raytheon. The closing
of the company's blockbuster merger in April 2020 coincided with
the beginning of the coronavirus pandemic. The company in October
said it would shed 20,000 jobs in 2020 as it navigated declines in
airline traffic. The company had approximately 181,000 employees as
of Dec. 31. It posted a $3.52 billion loss for the year, its first
as a combined entity.
In its announcement Friday, Raytheon also raised its
first-quarter earnings guidance to between 87 cents and 90 cents a
share, up from between 70 cents and 75 cents a share, on an
adjusted basis. The company's full year outlook, which includes
projections for adjusted earnings per share of between $3.40 and
$3.70, hasn't changed, the company said.
The company is scheduled to report first-quarter earnings on
--Allison Prang and Doug Cameron contributed to this
Write to Kristin Broughton at Kristin.Broughton@wsj.com
(END) Dow Jones Newswires
April 09, 2021 19:56 ET (23:56 GMT)
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