Phyllis Piano, VP-corporate affairs & communications at Raytheon, will step down at the end of the year. The 48-year-old executive feels now is the "best time to take the next step in my career after almost six years at Raytheon."

Piano is proud in having built a "first-class communications function," but wants to consider new challenges.

She has been "approached about several senior communications positions," and plans to work with Raytheon management to help with the transition of her successor.

Prior to Raytheon, Piano was VP-PA at Cooper Industries, and had been with General Electric for over 15 years.

Raytheon, a defense contractor and aerospace systems supplier, had more than $18 billion in revenues last year. The Waltham, Mass.-based company employs 78,000.