Former Pratt & Whitney President and current Raytheon Technologies Corp. Chief Operations Officer Christopher Calio is taking on a new leadership role as the company’s president later this year, the company announced Tuesday.
Calio, who was promoted from Pratt & Whitney president to Raytheon’s COO in March 2022, will take over president duties on March 1, in addition to continuing his current role. Roy Azevedo, president of Raytheon Intelligence & Space, will retire from his current role and serve as an advisor to Calio.
Calio is being tapped to lead a realignment of Raytheon’s business units, nearly three years after the company completed its merger with the former Farmington-based United Technologies Corp.
Since that time, Raytheon has relocated its headquarters from Waltham, Massachusetts to Arlington, Virginia
Raytheon will consolidate from four to three business units that will include: Collins Aerospace; Pratt & Whitney; and Raytheon. Prior to the change, Raytheon Intelligence & Space and Raytheon Missiles & Defense were separate subsidiaries.
The company said it expects the restructuring, which will be completed in the second half of the year, to generate additional revenue and lead to “technology synergies.”
Meantime, Raytheon on Tuesday also announced its fourth-quarter earnings.
Pratt & Whitney reported fourth quarter sales of $5.65 billion, up 10% from the prior year, and its operating profit was $306 million, up 127% from the fourth quarter of 2021.
As a whole, Raytheon Technologies Corp. reported net income of $1.42 billion, or 96 cents a share, in the period. That total was more than double the $686 million, or 46 cents a share, Raytheon reported in the fourth quarter of 2021.
