Raytheon has replaced Hansel Tookes as head of its troubled aircraft manufacturing unit, after less than two years in the job.
The US company has been concerned by the financial performance of Raytheon Aircraft (RAC), which has been hit by programme delays and slow sales.
James Schuster has been named chairman and chief executive officer of RAC, replacing Tookes. Schuster was previously president of Raytheon's Aircraft Integration Systems (AIS) business.
Tookes, who joined RAC in September 1999 from Pratt &Whitney where he was president of the large military engines group, has been named president of Raytheon International. He will be responsible for expanding the company's business outside the USA.
RAC's performance has been hit by a two-year hold-up in certification of the Premier I entry-level business jet, delays in development of the super mid-size Hawker Horizon, slowing sales of its King Air and Beechjet business aircraft, and costly fixed-price contracts for initial production of the T-6A turboprop trainer for the US Air Force and Navy.
These factors contributed to RAC suffering a $4 million loss for the first quarter, down from a $30 million profit a year ago. With the slowing US economy hurting business aircraft sales, the company has laid off 450 employees and may cut production rates, but Raytheon looks to be losing patience.
Chairman Dan Burnham told analysts last month: "It's time to get a nice return on our large investment" in upgrading RAC's aircraft portfolio. "The product line was tired. Now it is not," he added. RAC was rumoured to be up for sale last year, but is believed to have been taken off the market.
Source: Flight International
