Executive Suite: Raytheon's Dennis Picard to Retire as Chairman July 31; Dan Burnham to Assume Chairman's Role - Company Operations

EDGE, On & About AT&T, May 3, 1999

Raytheon Company's Dennis J. Picard, 66, announced his intention to retire as chairman of the Board of Directors on July 31, 1999. Picard will remain a member of the board after he retires as chairman. He made the announcement Wednesday at the company's annual meeting in Tucson, Arizona.

Daniel P. Burnham, 52, will assume the additional role of chairman of Raytheon, effective August 1, 1999. Burnham is currently president and chief executive officer, a position he has held since December 1, 1998. Burnham joined Raytheon on July 1, 1998, as president and chief operating officer.

"Dan Burnham is the right leader at the right time with the energy and vision to lead Raytheon into the 21st century," Picard said. "Since becoming CEO, Dan has built a strong leadership team and has communicated the company's goals for the future with our employees. In addition, he has shared this vision with our customers and our shareholders. With Dan, our company will be in good hands going forward."

Burnham said of Picard: "The new Raytheon would not be the strong company it is today were it not for the vision, boldness and relentless persistence of Dennis Picard. Under his leadership, Raytheon assembled some of the finest defense and government electronics businesses in the world to form Raytheon Systems Company, which is competing for opportunities today that would have been beyond the reach of its individual legacy organizations. He also spearheaded key changes in the company's commercial operations. On behalf of everyone at Raytheon, I would like to thank him for his leadership, vision and outstanding stewardship. He deserves our deepest respect and admiration. I will do my best to sustain his passion and stewardship of this most remarkable company."

Picard is completing a distinguished 44-year career at Raytheon. In January 1989, he was selected to be president of Raytheon, effective August 1989, and was elected a member of Raytheon's board of directors. He served as president until March 1, 1991, at which time he became chairman and chief executive officer of the company. He stepped down as chief executive in December 1998.

During Picard's tenure as CEO, Raytheon grew in annual sales from $9.3 billion in 1991 to $19.5 billion in 1998 and from 71,600 employees to over 107,000. This growth was accomplished despite substantial downturns in global and domestic defense procurement budgets and a rapid consolidation within the U.S. defense industry. Picard advanced the company's growth by leading the acquisitions of E-Systems, Chrysler Technologies, and Texas Instruments Defense, and a merger with Hughes Defense.

He also significantly broadened Raytheon Aircraft through the acquisition of the Hawker line of business jets, and he initiated the development of two new business jets. He consolidated Raytheon's engineering and construction operations into a single business entity, Raytheon Engineers & Constructors, which he then grew substantially through acquisitions. At the same time, he streamlined Raytheon's diverse commercial operations through divestiture of non-core businesses.

He joined Raytheon in 1955, following service in the U.S. Air Force during the Korean conflict and study at the RCA Institute in New York City. While working at a progression of electronics assignments within the company, he also attended Northeastern University, graduating in 1962 with degrees in electrical engineering and management.

A succession of engineering and management assignments led to his being elected a company vice president in 1976 and deputy general manager of Raytheon's Equipment Division in 1982. In November 1983, Picard became general manager of the Missile Systems Division. He was elected a senior vice president of Raytheon in 1985. Under his leadership, the Missile Systems Division grew to become the world's largest producer of tactical missile systems.

Prior to joining Raytheon, Burnham was vice chairman of AlliedSignal, Inc. and a member of the Board of Directors. He joined AlliedSignal in 1982 as vice president and controller. He then served two years as vice president and general manager of the Engineered Plastics Division in AlliedSignal's Engineered Materials sector. In 1986, he was named president of the sector's Plastics and Performance Materials Group. Two years later he was named president of its Fibers Group. In 1990, Burnham joined the company's Aerospace sector and served as president of AlliedSignal Aerospace, AlliedSignal's largest business and the world's largest supplier of equipment and subsystems to the aerospace industry. Burnham graduated from Xavier University and holds an M.B.A. from the University of New Hampshire.

Raytheon Company, based in Lexington, Mass., is a global technology leader that provides products and services in the areas of commercial and defense electronics, engineering and construction, and business and special mission aircraft. Raytheon has operations throughout the United States and serves customers in more than 80 countries.