L-3 co-founder to retire

Robert LaPenta, president and chief financial officer of L-3 Communications Corp., will retire April 1.

LaPenta also will leave L-3's board of directors. Frank Lanza, chairman and chief executive officer, will take over as president during an interim period. Michael Strianese will become chief financial officer.

LaPenta, one of the company's cofounders, was "instrumental in L-3's growth from a spin-off from Lockheed Martin Corp. with $650 million in annualized revenues in 1997 to an S&P 500 company with an estimated $6.8 billion in revenues in 2004 and a market capitalization of approximately $9 billion," Lanza said.

 

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