In 1968, Olive Ann Beech announced Frank E. Hedrick, her nephew, as her successor to the presidency of Beech Aircraft while retaining the position of chair of the board and chief executive officer. In 1980, Raytheon purchased Beech Aircraft and Olive Ann Beech remained as chair while also being seated on the Raytheon board of directors. After the merger, Beech was the largest individual shareholder of Raytheon stock. On December 12, 1980, the U.S. National Aeronautic Association awarded her the Wright Brothers Memorial Trophy, the highest honor the aviation fraternity bestows, for her contributions to the aviation industry. Due to lackluster sales in the aircraft industry, in 1982 Raytheon reorganized several divisions and removed Beech and Hedrick from the board of directors of Beechcraft and gave her the title of chairman emeritus. Beech wasn’t surprised by the move and remarked, “Mr. Hedrick, we sold the farm. If they don’t like us living on it, that is their prerogative.” She was inducted into the American National Business Hall of Fame in 1983 and became the first inductee in the Kansas Business Hall of Fame in 1986.
After retirement from Beechcraft, Beech continued to oversee her personal investments and contribute to various civic and philanthropic projects and was a key supporter of the Wichita Art Association, her church, and Soroptimist International of Wichita.
Beech died in her sleep at her home in Eastborough, Kansas on July 6, 1993. Olive and her husband are buried at Old Mission Mausoleum in Wichita, Kansas.
