Raytheon elevates Ernst to corporate development head

Raytheon has promoted investor relations leader Todd Ernst to vice president of corporate development in a role that includes oversight of the defense contractor's mergers-and-acquisitions program.

The move goes into effect on Nov. 6 and Ernst will succeed the retiring Michael Cody. Ernst will continue to report to Chief Financial Officer Toby O'Brien, Raytheon said Thursday.

Cody has overseen almost 20 acquisitions for Raytheon with many of them concentrated in cybersecurity and technology during his eight-year tenure as corporate development lead.

Included in those deals is the 2015 investment in the business now known as Forcepoint, formerly Websense. Raytheon paid $1.9 billion to acquire an 80-percent stake in the commercial cyber outfit and former owners Vista Equity Partners hold the remaining 20 percent.

Ernst has led Raytheon's investor relations function for nearly seven years and will continue in that function along with his corporate development responsibilities.