Raytheon Systems has appointed former United Systems government Neil Mitchill to succeed Anthony “Toby” O’Brien as CFO a yr after the two businesses merged to build an aerospace and protection behemoth.
Raytheon explained Mitchill’s appointment was successful April seven and O’Brien, who had served as CFO considering the fact that March 2015, “stepped down as main money officer and separated from employment with the business.”
Mitchill, forty six, was named as acting senior vice president and CFO of United Systems in November 2019, serving in that purpose right until the merger with Raytheon Co., when he was appointed corporate vice president, money arranging & assessment and investor relations of Raytheon Systems.
“Neil is a confirmed leader who successfully guided our finance workforce by the merger,” Raytheon CEO Greg Hayes explained in a information launch. “He has been instrumental in overseeing our cash allocation strategy, which enabled us to exceed our hard cash financial savings target as nicely as our merger-associated synergy expectations for 2020.”
Like other aerospace contractors, Raytheon has hit a downturn amid the collapse in airline need for new jets due to the coronavirus pandemic. It has laid off about a fifth of its commercial workforce.
“The fact is we don’t assume you are going to see return to normalcy right until possibly mid-2023 at the earliest,” Hayes told buyers not long ago.
Raytheon shares rose one.05% to $78.29 in investing Friday after it announced the CFO alter and that it was possible to report to start with-quarter results earlier mentioned assistance.
Mitchill was a companion at PricewaterhouseCoopers for 17 many years prior to he joined United Systems in 2014 as vice president, world money expert services. He was named CFO of the company’s Pratt and Whitney division in September 2016.
O’Brien will be “eligible to obtain specific separation payments and accelerated vesting of fairness awards granted prior to the closing of the merger,” Raytheon explained in a regulatory submitting. He gained more than $three.seven million in wage and other compensation in 2020 when Mitchill gained $three million.
In Oct, the business disclosed that the U.S. Division of Justice was investigating its accounting documents going again to 2009.