June 8, 2021

Blue Canyon names new CEO, management team after Raytheon acquisition

LAFAYETTE — Small-satellite manufacturer and mission services provider Blue Canyon Technologies LLC, has promoted chief technical officer Stephen Steg to CEO.

Steg succeeds George Stafford, who will remain in an advisory capacity, the company said in a press release.

Blue Canyon is a subsidiary of Raytheon Technologies Corp. (NYSE: RTX), which acquired the company in December.

Steg is a co-founder of Blue Canyon and served as chief technical officer — overseeing spacecraft and component designs — since the company was founded in 2008.

“Steve Steg brings the ideal combination of leadership, experience and vision as the new Blue Canyon CEO for this next chapter in the evolution and growth of the company,” Roy Azevedo, president, Raytheon Intelligence & Space, said in a statement. “His expertise in the business of small-satellite systems and technologies will be invaluable to the broad range of solutions we offer to support our customer’s space missions.”

Among other management moves:

• Matt Magaña will continue to serve as Blue Canyon Technologies president after his appointment to the position upon completion of the acquisition by Raytheon.

• Matthew Beckner, Blue Canyon’s chief operating officer and co-founder, has stepped into an advisory position for continuous improvement, with Steve Schneider assuming the role of COO. Schneider previously served as executive director of Manufacturing, Test and Components.

• Matt Baumgart assumed Steg’s previous position of chief technical officer after his promotion from executive director, Research & Development.

“Blue Canyon is primed for growth and marketplace opportunity in the small-satellite systems sector of the new space economy,” Steg said in a statement. “With a strong senior management team at my side and the resources, synergies and talents provided to us by the backing of Raytheon Technologies, I look forward to guiding Blue Canyon into its next phase as an industry leader during these exciting and competitive times for the business.”

Prior to co-founding Blue Canyon, Steg spent 18 years at the Laboratory for Space Physics at the University of Colorado, where he provided mechanical design and analysis for optical instruments and space mechanisms on NASA programs.

Christopher Wood
Christopher Wood is editor and publisher of BizWest, a regional business journal covering Boulder, Broomfield, Larimer and Weld counties. Wood co-founded the Northern Colorado Business Report in 1995 and served as publisher of the Boulder County Business Report until the two publications were merged to form BizWest in 2014. From 1990 to 1995, Wood served as reporter and managing editor of the Denver Business Journal. He is a Marine Corps veteran and a graduate of the University of Colorado Boulder. He has won numerous awards from the Colorado Press Association, Society of Professional Journalists and the Alliance of Area Business Publishers.
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