Raytheon's IDS Unit Gets New President

WALTHAM, Mass. (AP) -- Raytheon Co. on Tuesday named Thomas A. Kennedy president of the company's integrated defense systems unit.

Kennedy's appointment is effective immediately. He succeeds Daniel L. Smith, who is retiring July 30.

Kennedy, 55, has worked for the defense contractor for 27 years. He most recently held the post of vice president for tactical airborne systems, part of Raytheon's space and airborne systems business.

Raytheon shares slid $1.01 to $52.18 on Tuesday.