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Raytheon Taps Tufts Grad As New CFO

Raytheon Taps Tufts Grad As New CFOMajor defense contractor Raytheon appoints Edward Pliner as its new Chief Financial Officer. Lexington, MA.

Medford/Somerville, Mass. [12.16.02] In the early 1920's, two Tufts graduates helped form Raytheon, which has grown into one of the nation's largest defense contractors. More than 80 years later, Raytheon is turning to another Tufts graduate to serve as the company's chief financial officer.

"Raytheon said Edward Pliner would replace [former CFO Frank] Caine," reported USA Today. "Pliner, 44, has been Raytheon's vice president and corporate controller since April 2000."

The Tufts graduate will be in charge of finances for the company - based in Lexington, Mass. - which manufactures Tomahawk and Patriot missiles. The change in leadership will be one in a series of structural reforms within the company, which employs 77,500 people worldwide and boasted 16.9 billion in revenues in 2001.

"Raytheon is operating under a new business structure, put in place in August to streamline its operations and make its businesses more accountable to top leadership," reported NBC News. "The restructuring included changes to the company's electronic systems division, as well as its command, control and communications division."

The company said that Pliner's appointment will be instrumental in improving the profitability of the weapons contractor.

"[Raytheon expects that] Pliner will continue the company's focus on reducing debt, tightening financial controls, and improving cash generation," reported The Boston Globe.

The Tufts graduate - who earned a degree in political science - is well suited for the job.

Before joining Raytheon in 2000, the Tufts graduate was a partner in the technology practice of PricewaterhouseCoopers. He also worked in a variety of roles for the gubernatorial and presidential campaigns of former Massachusetts Governor Michael Dukakis and former U.S. senator from Minnesota Walter Mondale.

Pliner will be part of a long legacy of Tufts graduates at Raytheon. The company was founded in 1922 by Laurence K. Marshall and Vannevar Bush, two former roommates at Tufts. A leader in government and defense electronics, Raytheon is responsible for inventing the microwave oven, guided missiles, and the first electrically operated radios.

The Globe reported that after Pliner's promotion was announced, Raytheon's shares jumped $1.20 to close at $29.72.

 

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