Executives on the Move: Raytheon merger takes flight, no more co-CEOs at SAP
As much as things change, they stay the same. While America has largely been on lockdown, that hasn’t stopped C-suite executives from taking on new roles.
We’ve had our eye on the latest personnel moves. Here are some of the most interesting changes we’ve seen in April.
Raytheon: United we stand
As of April, the merger between Raytheon and United Technologies is now complete, and it has led to tectonic shifts throughout the aerospace and diversified machinery industries. Former United subsidiaries Carrier and Otis Elevator have spun off into their own publicly traded companies.
Today, what’s left is the new Raytheon Technologies, the second-largest defense contractor by market capitalization. Former United CEO Gregory Hayes is at the helm of the new company while former Raytheon CEO Thomas Kennedy has transitioned into the Executive Chairman role.
But it hasn’t all been smooth for Raytheon. To accommodate the massive downturn in air travel, it is making some defensive moves of its own. Beginning in June, it will implement a 10% pay cut for salaried employees. Hourly workers at its subsidiaries are expected to be furloughed.
Hayes has offered to take a voluntary 20% pay cut. He received $21.4 million in compensation in FY 2019.
eBay goes bargain-hunting for top job
The last few weeks have been a wild ride for tech companies, but one company that is looking to the future with optimism is eBay. On April 13, the online auction house announced it had named Jamie Iannone as its new CEO, effective April 27.
Iannone most recently served as COO for Walmart eCommerce. He has prior experience as CEO of SamsClub.com and Barnes & Noble. He is also a former Vice President at eBay and held several executive roles within the company for eight years.
eBay completed a sale of StubHub last February and recently pledged to waive seller fees through the end of June to help small businesses during the coronavirus pandemic.
SAP consolidates co-CEO roles
Software giant SAP has long had a penchant for adopting a co-CEO structure. When longtime CEO Bill McDermott departed last October to take over the top role at ServiceNow, SAP decided to give the dual arrangement another try, promoting Christian Klein and Jennifer Morgan to the roles.
Now after six months, SAP is making a change. On April 20, the company announced that Morgan will step down as co-CEO effective April 30. It will retain Christian Klein as sole CEO. Morgan is expected to leave the company.
The company’s latest earnings report fell short of estimates.
“More than ever, the current environment requires companies to take swift, determined action which is best supported by a very clear leadership structure,” the company said in a statement. “Therefore, the decision to transfer from Co-CEO to sole CEO model was taken earlier than planned to ensure strong, unambiguous steering in times of an unprecedented crisis.”
More executives on the move...
- Daniel Alegre is now President and COO, Activision Blizzard Inc.
- Patrick Allen is now CFO, Collins Aerospace, Raytheon Technologies Corporation.
- Francisco Benitez is now Senior Strategic Advisor, Coca-Cola Company.
- Andrew Campion is now COO, Nike, Inc.
- Vince Campisi is SVP and Chief Digital Officer, Raytheon Technologies Corporation.
- Néstor Cano is now EVP, Integration and Transformation, T-Mobile US, Inc.
- Heidi Capozzi is now EVP and Global Chief People Officer, McDonald's Corporation.
- Paul Cormier is now President and CEO, Red Hat, Inc.
- Brandon Draper is now EVP, Emerging Products, T-Mobile US, Inc.
- Michael Dumais is now Head, Corporate Strategy and Development, Raytheon Technologies Corporation.
- Mark Eubanks is now President, EMEA, Otis Elevator Company.
- Nicole Ford is now VP and Chief Information Security Officer, Carrier Corporation.
- Robert Ford is now CEO, Abbott Laboratories.
- Matthew Friend is now CFO, Nike, Inc.
- Bobby George is now VP and Chief Digital Officer, Carrier Global Corporation.
- Rahul Ghai is now VP and CFO, Otis Worldwide Corporation.
- Thomas Gibbons is now CEO, Bank of New York Mellon Corporation.
- Laurie Havanec is now Chief Human Resources Officer, Otis Elevator Company.
- Ravi Kapoor is now Executive Director, Data, Platforms and Architecture, Collins Aerospace, Raytheon Technologies Corporation.
- Bruce Michael King is now SVP, Operations, Collins Aerospace, Raytheon Technologies Corporation.
- Peter King is now CEO, Westpac Banking Corporation.
- Wesley Kremer is now President, Missiles and Defense, Raytheon Technologies Corporation.
- Arvind Krishna is now CEO, IBM Corporation (International Business Machines Corp.).
- Julianne LeBlanc is now CIO, Legrand SA.
- Jeffrey MacLauchlan is now SVP, Corporate Development, Collins AerospaceSVP, Corporate Development, Collins Aerospace, Raytheon Technologies Corporation.
- Larry Mark is now VP, Global Finance Operations, Coca-Cola Company.
- Robert McDonough is now EVP and COO, Carrier Corporation.
- Timothy McLevish is now EVP and CFO, Carrier Global Corporation.
- Anthony O’Brien is now CFO, Raytheon Technologies Corporation.
- Heidi O’Neill is now President, Consumer and Marketplace, Nike, Inc.
- Robert Ortberg is now Special Advisor, Office of the Chairman and CEO, Raytheon Technologies Corporation.
- Jasen Osterberger is now Senior Director, Information Technology User Experience and Service Delivery, Collins Aerospace, Raytheon Technologies Corporation.
- Kavi Parupally is now Senior Director, Business Applications, Engineering and Information Technology, Collins Aerospace, Raytheon Technologies Corporation.
- Virginia Rometty is now Executive Chairman, IBM Corporation (International Business Machines Corp.).
- Marc Rosen is now EVP and President, Levi Strauss Americas, Levi Strauss & Co.
- Mark Russell is now Head, Technology and Global Engineering, Raytheon Technologies Corporation.
- John Saw is now EVP, Advanced and Emerging Technologies, T-Mobile US, Inc.
- Jun Seki is now President and COO, Nidec Corporation.
- Michael Sievert is now President and CEO, T-Mobile US, Inc.
- Gundeep Singh is now Divisional CIO and Chief Digital Officer, Carrier Corporation.
- Paul Steinberg is now SVP, Technology, Motorola Solutions, Inc.
- Marc Swanson is now Interim CEO, SeaWorld Parks & Entertainment.
- Nicholas Tullio is now CIO, Fire and Security Products, Carrier Corporation.
- Terence Vanecek is now Associate Director, Aftermarket Product Management, Carrier Corporation.
- James Whitehurst is now President, IBM Corporation (International Business Machines Corp.).
- Miles White is now Executive Chairman, Abbott Laboratories.
- Scott Zogg is now Chief Information Security Officer, Collins Aerospace, Raytheon Technologies Corporation.