Waltham, Mass., April 9, 2021 /PRNewswire/ -- Raytheon Technologies (NYSE: RTX) today announced that Chief Financial Officer Anthony ("Toby") O'Brien has stepped down from his role as CFO. Neil Mitchill, corporate vice president, financial planning & analysis and investor relations for Raytheon Technologies and former CFO of Pratt & Whitney, has been appointed as CFO of Raytheon Technologies and will report directly to Chief Executive Officer Greg Hayes.
Raytheon Technologies CEO Greg Hayes commented, "Neil is a proven leader who successfully guided our Finance team through the merger. He has been instrumental in overseeing our capital allocation strategy, which enabled us to exceed our cash savings target as well as our merger-related synergy expectations for 2020. I know he will continue to deliver significant value to the organization given his experience across our global businesses. I look forward to his partnership as we continue to execute on our strategic priorities and deliver long-term value for shareholders."
As CFO, Mr. Mitchill, age 46, will serve as a member of the senior leadership team and direct the company's financial strategy and its global finance team.
In 2019, Mr. Mitchill was named as acting senior vice president and CFO of United Technologies Corporation (UTC), a role in which he served until the merger with Raytheon Company when he was appointed corporate vice president, financial planning & analysis and investor relations of Raytheon Technologies.
Mr. Mitchill joined UTC in 2014 as vice president, global financial services. In 2015, he was appointed corporate vice president, controller, and in 2016 was named vice president and CFO of Pratt & Whitney.
Prior to joining UTC, Mr. Mitchill was a partner at PricewaterhouseCoopers LLP, where he was the Hartford Products & Services Assurance Leader, providing assurance and business advisory services for global, industrial products companies. He has over 20 years of finance experience, which includes technical accounting skills and experience on complex business transactions, as well as acquisitions and divestitures. Mr. Mitchill holds a Bachelor of Science degree in Accountancy from Providence College.
Mr. O'Brien held financial leadership positions spanning 34 years at Raytheon Company, prior to its merger with UTC in 2020, including serving as Raytheon's CFO and vice president of finance since 2015.
Hayes also commented, "Toby has played a pivotal role in the establishment and integration of Raytheon Technologies. We thank him for his many contributions and wish him well in the future."
Raytheon Technologies previously communicated its first quarter 2021 sales outlook in the range of $14.8 to $15.4 billion and first quarter adjusted EPS outlook in the range of $0.70 to $0.75. Based on preliminary financial information, the company expects sales for the first quarter of 2021 to be above the mid-point of the previously communicated range and expects first quarter adjusted EPS in the range of $0.87 to $0.90. The outlook for full-year 2021 has not changed. CEO Greg Hayes and Neil Mitchill in his new role as CFO will provide further details on Raytheon Technologies' performance and outlook during the next quarterly earnings call.
About Raytheon Technologies
Raytheon Technologies Corporation is an aerospace and defense company that provides advanced systems and services for commercial, military and government customers worldwide. With four industry-leading businesses - Collins Aerospace Systems, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense - the company delivers solutions that push the boundaries in avionics, cybersecurity, directed energy, electric propulsion, hypersonics, and quantum physics. The company, formed in 2020 through the combination of Raytheon Company and the United Technologies Corporation aerospace businesses, is headquartered in Waltham, Massachusetts.
Use and Definitions of Non-GAAP Financial Measures
Raytheon Technologies Corporation ("RTC") reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides investors with additional useful information, but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.
Adjusted earnings per share ("EPS") is a non-GAAP financial measure. Adjusted EPS represents diluted earnings per share from continuing operations (a GAAP measure), excluding restructuring costs, acquisition accounting adjustments and other significant items. When we provide our expectation for adjusted EPS on a forward-looking basis, a reconciliation of the differences between this non-GAAP expectation and the corresponding GAAP measure generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.
Source Raytheon Technologies