WALTHAM, Mass., April 26, 2021 /PRNewswire/ -- Raytheon
Technologies (NYSE: RTX) today announced Thomas A. Kennedy, executive chairman of the
Board of Directors, will retire effective June 1, 2021, following the one-year anniversary
of the merger of United Technologies Corporation and Raytheon
Company. Dr. Kennedy has held various leadership positions since
joining Raytheon in 1983 and served on its board for six years.
Chief Executive Officer Greg Hayes
has been appointed by the Board of Directors to chairman of the
board in addition to his current role as CEO of Raytheon
Technologies.
Kennedy commented, "It has been an amazing journey over my years
leading Raytheon and in this last transformative year in my role as
executive chairman of Raytheon Technologies. We successfully
executed our historic merger and the integration is well underway.
It has been my honor to lead this organization and our exemplary
employees around the world. I have enjoyed the partnership with
Greg and his talented management team, and I'm confident the
company will continue to deliver on redefining the future of
aerospace and defense."
Dinesh C. Paliwal, independent
lead director for Raytheon Technologies commented, "Tom was a key
architect of the merger and has been integral to the combination of
Raytheon and United Technologies into an aerospace and defense
powerhouse. His deep experience and guidance have been invaluable
through the merger and we are grateful for his leadership over the
last year."
Paliwal continued, "Speaking on behalf of our entire Board of
Directors, we are very pleased to appoint Greg Hayes to chairman of the Board. As CEO,
Greg has been a strong leader throughout this transformational
period for Raytheon Technologies and continues to successfully
execute on the company's strategic priorities to deliver near- and
long-term value for shareowners. We look forward to his continued
leadership in the years ahead as he drives Raytheon Technologies'
future."
"I appreciate the continuing support and confidence of the
Raytheon Technologies Board of Directors and I am excited for the
future of our company. Tom's vision for the creation of Raytheon
Technologies guided the completion of the merger and the past year
of integration," said Raytheon Technologies CEO Greg Hayes. "I want to thank Tom for all his
support over the past year in making our merger a success. We wish
Tom well in his future endeavors."
Kennedy became executive chairman in April 2020 upon the closing of the merger between
Raytheon Company and United Technologies Corporation. Prior to the
merger, he was chairman and chief executive officer of Raytheon
Company for six years. Throughout his 38 years with Raytheon, Dr.
Kennedy held numerous executive and leadership positions, growing
its international business and driving key technological
innovations.
Hayes is responsible for the transformation of United
Technologies Corporation from an industrial conglomerate into a
leading aerospace and defense company, beginning with the
divestiture of Sikorsky Aircraft in 2015 and the acquisition of
Rockwell Collins in 2018. Hayes became chief executive officer of
Raytheon Technologies after successfully completing the merger
between Raytheon and United Technologies' aerospace businesses,
Pratt & Whitney and Collins Aerospace Systems, while
simultaneously separating Otis Elevator Co. and Carrier Corp. into
independently traded companies in April
2020.
The company also announced today that its Board of Directors
declared a quarterly cash dividend of 51
cents per outstanding share of RTX common stock, which
represents an increase of more than 7 percent over the prior
quarter's dividend amount. For more information, the press release
regarding the dividend announcement can be found on Raytheon
Technologies' investor relations website: investors.rtx.com.
About Raytheon Technologies
Raytheon Technologies
Corporation is an aerospace and defense company that provides
advanced systems and services for commercial, military and
government customers worldwide. With four industry-leading
businesses ― Collins Aerospace Systems, Pratt & Whitney,
Raytheon Intelligence & Space and Raytheon Missiles &
Defense ― the company delivers solutions that push the boundaries
in avionics, cybersecurity, directed energy, electric propulsion,
hypersonics, and quantum physics. The company, formed in 2020
through the combination of Raytheon Company and the United
Technologies Corporation aerospace businesses, is headquartered in
Waltham, Massachusetts.
Cautionary Statement Regarding Forward-Looking
Statements
This release includes statements related to
dividends that constitute "forward-looking statements" under the
securities laws. All forward-looking statements involve risks,
uncertainties and assumptions that may cause actual results to
differ materially from those expressed or implied in the
forward-looking statements. Past dividends provide no assurance as
to future dividends. The timing, payment and amount of future
dividends, if any, could vary significantly from past dividends due
to a number of risks and uncertainties. These factors include those
described under the caption "Risk Factors" in our reports on Forms
10-K, 10-Q and 8-K filed with the SEC from time to time.
Media Contact
Michele Quintaglie
C: 860.493.4364
michele.quintaglie@rtx.com
Investor Contact
Erin Somers
C: 704.264.6854
erin.somers@rtx.com
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SOURCE Raytheon Technologies