Lockheed (LMT) COO Kubasik Asked to Resign; Marillyn Hewson to Assume Role

November 9, 2012 4:40 PM EST
Lockheed Martin (NYSE: LMT) announced today that its board of directors asked for and received the resignation of Christopher E. Kubasik, 51, from his role as vice chairman, president and chief operating officer (COO), effective immediately. The board also elected Marillyn A. Hewson, 58, president and COO, and a director effective immediately, and chief executive officer (CEO) and president effective January 1, 2013. Hewson will also retain her role as executive vice president of Electronic Systems business area until the end of this year.

Kubasik, previously slated to become CEO in January, resigned after an ethics investigation confirmed that he had a close personal relationship with a subordinate employee. His actions violated the company's Code of Ethics and Business Conduct, but did not affect the company's operational or financial performance.

The board also elected Stevens Executive Chairman effective January 1. In that role he will work with Marillyn to facilitate a smooth CEO transition.

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Michael Colaizzo on 2012-11-09 20:53:07
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Michael Colaizzo on 2012-11-09 20:51:54
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