Raytheon Elects Warren B. Rudman
Lead Director

PRESS RELEASE 14jan03

72 years old
Boston College
Syracuse University 1952

Defense firm Raytheon named former New Hampshire Sen. Warren Rudman as lead director of the firm. The move comes a day after the company said that its commercial aircraft unit was being investigated by government regulators for its accounting practices. Rudman has been a member of Raytheon's board since 1993.

Raytheon Elects Warren B. Rudman Lead Director

Warren B. Rudman

LEXINGTON, Mass., Jan. 14 /PRNewswire/ -- Daniel P. Burnham, Raytheon Company chairman and CEO, announced today in a speech to the National Association of Corporate Directors, the election of Warren B. Rudman as lead director of the Raytheon Company.  Rudman, who is of counsel with Paul, Weiss, Rifkind, Wharton & Garrison, joined the board in 1993.

Prior to joining his law firm, Rudman served two distinguished terms as a U.S. Senator from New Hampshire.  He also co-chaired the bipartisan U.S. Commission on National Security, which predicted a direct attack against American citizens on U.S. soil prior to Sept. 11, 2001.  He most recently was a member of the Conference Board's Commission on Public Trust and Private Enterprise, which recommended significant reforms related to corporate governance, business ethics, shareholder relations and auditing and accounting issues.

Rudman was elected lead director at the most recent meeting of the Raytheon Board.  The Raytheon Board is comprised of 10 members.

Based in Lexington, Mass., Raytheon (NYSE: RTN) is a global technology leader in defense, government and commercial electronics, and business and special mission aircraft.

Mr. Rudman has been Director of the Raytheon since 1993. Of counsel to the law firm of Paul, Weiss, Rifkind, Wharton & Garrison since January 2003; Partner in the law firm of Paul, Weiss, Rifkind, Wharton & Garrison from January 1992 to December 2002; United States senator from 1980 to January 1992; Director: Allied Waste Industries, Inc.; Boston Scientific Corporation; The Chubb Corporation; Collins & Aikman Corporation; several mutual funds managed by Dreyfus Corporation.

Senator Warren B. Rudman became a partner in the international law firm Paul, Weiss, Rifkind, Wharton, and Garrison in 1992 after serving two terms as a U.S. Senator from New Hampshire from 1980 to 1992. As of January 1, 2003, he became Of Counsel to Paul, Weiss, Rifkin, Wharton & Garrison LLP. Senator Rudman serves on the Boards of Trustees of the Brookings Institution, and the Council on Foreign Relations. He also serves on the boards of Allied Waste Industries, Inc., The Chubb Corporation, Collins & Aikman Corporation, Raytheon Corporation and several funds managed by the Dreyfus Corporation. He is also the founding co-chairman of the Concord Coalition. Senator Rudman received a B.S. from Syracuse University and a LL.B. from Boston College Law School and served in the U.S. Army during the Korean War.

Involvement In Other Companies

About Raytheon Co. (RTN)

Raytheon Company is a defense electronics contractor serving all branches of the United States military and other United States government agencies, North Atlantic Treaty Organization (NATO) and many allied governments. The Company range of systems and equipment include missiles; radar; sensors and electro-optics; intelligence, surveillance and reconnaissance; command, control, communication and information systems; naval systems; air traffic control systems, and technical services. Raytheon's commercial electronics businesses leverage defense technologies in commercial markets. Raytheon Aircraft is a provider of business and special mission aircraft and delivers a broad line of jet, turboprop and piston-powered airplanes to corporate and government customers worldwide.

2003
Number of Employees 	76,400 
Sales 			$16,760,000,000

Year Ended:		12/31/98  12/31/99  12/31/00  12/31/01  12/31/02 
Total Expenses		15,105 	  15,609    14,237    15,251 	15,152 
Operating Income	2,259 	  1,592     1,580     766 	1,608 
Total Revenue		17,364 	  17,201    15,817    16,017 	16,760 
Income Before Taxes	1,707 	  898	    832       124 	1,074 
Income After Taxes 	1,019 	  502 	    477       18 	755

New Raytheon CEO To Get $925,000 A Year Base Salary

DOW JONES NEWSWIRES 24apr03

WASHINGTON -- Raytheon Co. (RTN) will pay new Chief Executive William Swanson a base salary of $925,000 a year, or $35,577 biweekly, according to a document filed Thursday with the Securities and Exchange Commission.

Swanson, who is replacing departing Chairman and Chief Executive Daniel Burnham July 1, will also participate in the results-based incentive plan, with an annual target incentive of 150% of his annual base salary.

In addition, the defense contractor will award Swanson 175,000 Raytheon stock options, the filing said. The options will vest at one-third each year over three years.

Also, Swanson will receive 130,000 restricted shares, according to the filing. The company said that restrictions on this stock will lapse over a six-year period, with one-third lapsing at the second anniversary of the award, one-third at the fourth anniversary and one-third on the sixth anniversary.

As reported, Burnham's compensation package will include about $400,000 a year, or $15,386 biweekly, along with a yet-to-be decided incentive payout for his new role as nonexecutive chairman.

When he retires as nonexecutive chairman, Burnham, 56, will also receive an annual payment equal to half of the compensation - salary plus bonus - of the five years he worked at Raytheon once he turns 60.

Raytheon Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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