- After almost 10 years in the position
- Praise for Hayes
- Chris Calio taking over
- Hayes will remain as executive chairman at RTX
- Hayes kept it short and said 40 words
(exechange) — Arlington, Virginia, December 14, 2023 — Greg Hayes, chief executive of RTX, leaves his position. As announced by RTX Corp. in a news release and in a regulatory filing published on Thursday, December 14, 2023, Gregory J. (Greg) Hayes leaves his post as chief executive officer at the aerospace and defense company formerly known as Raytheon, after almost 10 years in the role, effective May 2, 2024.
Greg Hayes’s duties as CEO will be taken over by Christopher T. (Chris) Calio, currently President and Chief Operating Officer at RTX Corp.
“Deliberate, disciplined succession planning process”
The planned management change is explained as follows. Greg Hayes stated: “Today’s announcement reflects the Board’s deliberate, disciplined succession planning process.”
Hayes will remain as executive chairman at RTX
RTX stated: “Hayes will continue to serve as executive chairman of RTX.”
RTX said: “President and Chief Operating Officer Christopher T. Calio will succeed Gregory J. Hayes as Chief Executive Officer at the 2024 RTX Annual Shareowners Meeting scheduled for May 2.”
Share price decline since December 2022
The announcement follows a decline in RTX Corp.’s share price of 16% since December 2022.
In the position of CEO since 2014
Greg Hayes became CEO of the Company in 2014.
Gregory J. Hayes is the chairman and chief executive officer of RTX, responsible for leading an aerospace and defense company of 180,000 employees and $67 billion in annual sales.
Elected chairman of the board in 2021, Hayes had a nearly 21-year career at United Technologies Corporation, holding several senior leadership roles across finance, corporate strategy and business development, culminating with his appointment to chief executive officer in 2014 and chairman in 2016.
As CEO, Hayes led the reshaping of UTC from industrial conglomerate to focused aerospace company.
Beginning with the divestiture of Sikorsky Aircraft in 2015 and the acquisition of Rockwell Collins in 2018, Hayes continued to focus the business with the spinoffs of Otis Elevator Company and Carrier Corporation in 2020.
Hayes then led the 2020 merger of UTC’s remaining aerospace businesses, Pratt & Whitney and Collins Aerospace, with Raytheon Company, to form what is today RTX.
Hayes, who joined UTC in 1999 through its merger with the Sundstrand Corporation, also served as UTC’s chief financial officer from 2008-2014.
Hayes holds a bachelor’s degree in economics from Purdue University and is a Certified Public Accountant.
40 words by Greg Hayes
In the release announcing his departure as CEO of RTX Corp., Greg Hayes received praise.
In announcing his departure, Greg Hayes kept it short and said 40 words.
“Chris has a deep understanding of the industry, our customers’ needs and our operations”
Greg Hayes stated: “Today’s announcement reflects the Board’s deliberate, disciplined succession planning process. Chris has a deep understanding of the industry, our customers’ needs and our operations. I have every confidence in his ability to lead RTX and drive the company’s long-term success.”
Push-out Score for Greg Hayes’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Greg Hayes was pushed out or felt pressure to leave his position.
exechange reached out to RTX and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 51.2023 ($).