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Biden Defense Pick to Get Up to $1.7 Million From Raytheon Role

  • Retired General Austin pledges to divest in ethics agreement
  • Biden’s pick lays out holdings in financial disclosure form
Lloyd Austin

Lloyd Austin

Photographer: Paul J. Richards/AFP/Getty Images

Retired General Lloyd Austin, President-elect Joe Biden’s pick for defense secretary, may get as much as $1.7 million in payments tied to the board seat he’d be giving up at defense contractor Raytheon Technologies Co.

“As soon as practicable but not later than 90 days after my confirmation, I will divest my financial interest in Raytheon,” Austin wrote in his ethics agreement with the Pentagon and his financial disclosure report, which are being released Sunday by the Office of Government Ethics. He also pledged to recuse himself for one year from decisions involving Raytheon, the nation’s No. 3 defense contractor.