Blue Canyon Technologies Promotes Stephen Steg to Chief Executive Officer; Names New Senior Management Team
Raytheon Technologies Corporation (NYSE: RTX) has announced the promotion of Stephen Steg, co-founder and chief technical officer of Blue Canyon Technologies (BCT), to chief executive officer. Steg succeeds George Stafford, who will serve in an advisory role. With nearly 25 years in the space industry, Steg aims to lead BCT's growth in the small-satellite sector, supported by Raytheon’s resources. Matt Magaña continues as president, and Steve Schneider has been appointed COO. BCT is currently engaged in nearly 50 missions with over 90 spacecraft under production.
- Stephen Steg's promotion is expected to strengthen leadership at Blue Canyon.
- BCT supports nearly 50 unique missions, indicating robust operational engagement.
- The backing of Raytheon Technologies provides additional resources for growth.
- None.
Small-satellite manufacturer and mission services provider Blue Canyon Technologies LLC (“BCT” or “Blue Canyon”), a wholly-owned subsidiary of Raytheon Technologies Corporation (NYSE: RTX), has promoted chief technical officer Stephen Steg to chief executive officer. Steg succeeds George Stafford, who will remain in an advisory capacity.
A co-founder of Blue Canyon, Steg has served as chief technical officer since the company was founded in 2008. As CTO, Steg oversaw the development of BCT’s spacecraft and component designs. He also guided BCT’s vertical integration with in-house products for nearly all spacecraft subsystems.
"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," said Roy Azevedo, president, Raytheon Intelligence & Space. "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. We thank George Stafford for his contributions as co-founder and CEO, and his legacy of leadership at Blue Canyon.”
Blue Canyon reports into the Raytheon Intelligence & Space business of Raytheon Technologies following the purchase of Blue Canyon by Raytheon Technologies last December.
Joining Steg on the new Blue Canyon senior management team is Matt Magaña, who continues to serve as BCT president following his appointment to the position upon the completion of the company purchase by Raytheon Technologies. BCT’s current chief operating officer and co-founder Matthew Beckner has stepped into an advisory position for continuous improvement, opening and supporting the path for Steve Schneider to assume the role of COO, a promotion from his current role of executive director of Manufacturing, Test and Components. Matt Baumgart steps into Steg’s previous position of chief technical officer following 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. “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.”
Steg has nearly 25 years of experience in the space industry with the design and analysis of spacecraft, mechanisms, and instruments. Prior to co-founding Blue Canyon, Steg spent 18 years at the Laboratory for Atmospheric and Space Physics at the University of Colorado Boulder, where he was responsible for the mechanical design and analysis for optical instruments and space mechanisms on NASA programs. His designs include over 75 space mechanisms on-orbit, and he holds three patents for BCT products. Steg holds a bachelor’s degree in mechanical engineering from the University of Colorado Boulder.
About Blue Canyon Technologies
Blue Canyon Technologies (BCT), a wholly-owned subsidiary of Raytheon Technologies, offers a diverse portfolio of innovative, reliable and affordable spacecraft that enable a broad range of missions and technological advancements for the new space economy, reducing the barriers of space entry. BCT is currently supporting nearly 50 unique missions with over 90 spacecraft, all in production at their newly developed 80,000-square-foot facility in Lafayette, Colorado.
BCT has supported missions for the U.S. Air Force, NASA and the Defense Advanced Research Projects Agency, and provided the Attitude Control Systems for the first interplanetary CubeSats, which successfully traveled to Mars. The company has been recognized with awards from Inc. Magazine’s 5000 Fastest Growing Private Companies, the 2020 Best in Biz Award and the 2020 Tibbetts Award.
For the latest news on Blue Canyon Technologies and for other company information, please visit www.bluecanyontech.com. You can follow the company on Instagram here or Twitter here.
About Raytheon Intelligence & Space
Raytheon Intelligence & Space delivers the disruptive technologies our customers need to succeed in any domain, against any challenge. A developer of advanced sensors, training, and cyber and software solutions, Raytheon Intelligence & Space provides a decisive advantage to civil, military and commercial customers in more than 46 countries around the world. Headquartered in Arlington, Virginia, the business generated
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