Thursday, April 26, 2012

Lockheed CEO to Step Aside as Defense Squeeze Looms

Lockheed Martin Corp. said Thursday it is preparing for what it has warned would be a devastating impact on the industry from steep cuts in Pentagon spending under the so-called U.S. budget sequestration process.
The world's largest defense contractor by sales also warned that the outlook for temporary spending fixes remained uncertain, and is also contending with a strike by workers at its main fighter jet plant in Texas.
The multiple headwinds facing Lockheed were highlighted as Chief Executive Bob Stevens announced he would step down from the role next January, though planned to remain chairman for a further year.