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Raytheon (RTNA/RTNB) on Wednesday said Dennis Picard will step down as the company's chairman on July 31, giving up the post to Dan Burnham, who late last year replaced Picard as CEO of the defense giant.
Burnham joined Raytheon from AlliedSignal (ALD) on July 1 as president and chief operating officer and will officially assume the chairmanship Aug. 1. He replaced Picard as CEO on Dec. 1.
"Dan Burnham is the right leader at the right time with the energy and vision to lead Raytheon into the 21st century," Picard said in a statement that followed an announcement at the company's annual meeting in Tucson, Ariz. "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...