Blue Canyon promotes co-founder to CEO

Blue Canyon Technologies, a small satellite maker now part of Raytheon Technologies, has promoted one of its co-founders and current chief technical officer Stephen Steg to CEO.

Steg has held the CTO role since he helped start Blue Canyon in 2008 with fellow co-founder Mathew Beckner. Raytheon acquired that company in December for $350 million and operates it as a subsidiary within the intelligence and space segment.

Now-former chief executive George Stafford will stay with the company in an advisory capacity, Blue Canyon said Tuesday.

Beckner has also stepped down from his role as chief operating officer and is succeeded in that role by Steve Schneider, executive director of manufacturing, test and Components. Steg’s successor as chief technical officer is Matt Baumgart, executive director of research and development.

Matt Magaña continues as president of Blue Canyon and was named to that role in December upon the transaction’s closure.