You are here

Biden Pentagon pick could make up to $1.7M from leaving Raytheon

Biden Pentagon pick could make up to $1.7M from leaving Raytheon | 11 Jan 2021 | President-elect [sic] Joe Biden's choice to be Defense secretary, retired Gen. Lloyd Austin, stands to make up to $1.7 million when he leaves the board of defense contractor Raytheon Technologies Corp. if he’s confirmed, according to his financial disclosure forms. The disclosures, released Sunday, do not give an exact value of Austin's stock holdings related to his position on the Raytheon board of directors, but place the range from about $800,000 to about $1.75 million. In ethics forms, Austin pledged to fully divest from Raytheon within 90 days of being confirmed, as well as to recuse himself from decisions involving the company for a year unless a Pentagon ethics official determines the need for his participation outweighs the perception of a conflict of interest.