Raytheon chief executive Daniel Burnham is to resign on 1 July, to be succeeded by president William Swanson. Burnham will continue as non-executive chairman of Raytheon for a few months more, the company says. Although his term of office has seen Raytheon absorb major acquisitions, including Hughes Defense and Texas Instruments Defense, revenues failed to rise significantly - from $16.2 billion in 1998 to $16.7 billion last year - and the company fell sharply into the red, from $840 million net profit in 1998 to a net loss of $640 million in 2002. Deliveries of the company's corporate aircraft continued to fall in the first quarter of 2003.

Source: Flight International