Raytheon CFO Abruptly Departs a Year After Merger’s Closing
(Bloomberg) -- Raytheon Technologies Corp.’s chief financial officer stepped down abruptly a year after the merger that gave rise to the maker of aircraft parts and missiles.
Anthony “Toby” O’Brien was replaced by Neil Mitchill as CFO effective April 7, the company said in a regulatory filing Friday. Mitchill, 46, had been corporate vice president of financial planning and analysis, and also previously served as CFO of Pratt & Whitney, the company’s jet-engine business.
“Toby has played a pivotal role in the establishment and integration of Raytheon Technologies,” Chief Executive Officer Greg Hayes said in a statement. “We thank him for his many contributions and wish him well in the future.”
Hayes named the new CFO a year after overseeing the merger of his old company, United Technologies Corp., with Raytheon Co., where O’Brien worked for more than three decades. Since the deal closed, Raytheon Technologies has contended with plunging demand in its commercial aerospace business because of the coronavirus pandemic.
In the statement, Raytheon raised its first-quarter forecast for adjusted earnings to at least 87 cents a share, compared with the previous prediction of no more than 75 cents. Sales are expected to be above the midpoint of the previous outlook, which called for revenue of $14.8 billion to $15.4 billion. The company said its expectations for the full year were unchanged.
O’Brien, who became CFO of Raytheon Co. in 2015, will be “eligible to receive certain separation payments and accelerated vesting of equity awards granted prior to the closing of the merger,” according to the regulatory filing. He age was listed as 56 as of Raytheon’s annual report to the U.S. Securities and Exchange Commission earlier this year.
In October, the Waltham, Massachusetts-based company disclosed a U.S. Department of Justice probe of accounting records going back to 2009, and said it was cooperating. At the same time, Raytheon said it had received a second subpoena from the SEC related to a separate, previously disclosed probe.
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