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Thomas A. Kennedy, the chairman of Raytheon Technologies Corp. and a key player in the formation of the company one year ago, will retire June 1, company officials announced Monday, clearing the way for CEO Gregory Hayes to step into the role.
Kennedy, a 38-veteran of the former Raytheon Co. defense business, has served as chairman since April 2020, when Raytheon Co. and United Technologies Corp., then based in Farmington, formally consolidated operations under the banner of Raytheon Technologies Corp.
“It has been my honor to lead this organization and our exemplary employees around the world,” Kennedy said in a statement. “I have enjoyed the partnership with Greg and his talented management team, and I m confident the company will continue to deliver on redefining the future of aerospace and defense.”
Strong sales growth in the Americas and Asia after a year marred by COVID-19 nearly doubled Farmington elevator manufacturer Otis Worldwide Corp.’s first-quarter profits, prompting company officials to improve their full-year outlook on organic sales to 4% to 6%.
“There continues to be a recovery in North America,” said Otis President and CEO Judy Marks during a conference call with investors Monday. “The U.S. and Canada, especially, are back and very strong.”
Marks also pointed to surging new equipment sales in large Chinese cities as an indication that demand for Otis’s products which include not only elevators but escalators, moving walkways and related equipment is on the rebound.
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Neil Mitchill, former chief financial officer at East Hartford-based Pratt & Whitney, has been appointed CFO of Pratt’s parent company, Raytheon Technologies Corp.
In a statement, company officials said Mitchill, who most recently served as corporate vice president of financial planning and analysis at Raytheon Technologies, will replace Anthony “Toby” O’Brien, who stepped down last week.