Lockheed's Stevens plans retirement; new CEO picked
By
Nick Wakeman
Lockheed Martin's CEO plans 2012 exit with successor named to take his plan.
Robert Stevens, Lockheed Martin Corp.’s chairman and CEO, will retire as chief executive at the end of the year and will remain chairman through January 2014.
But there will be no search committee or drawn out head-hunting process. President and Chief Operating Officer Chris Kubasik will become the new CEO.
Kubasik, 51, has been president and COO since January 2010 and in October was named to the executive office of the chairman, a move seen by many as presaging his rise to CEO. He previously ran the company’s electronics business and served as chief financial officer.
Stevens has had a 25-year career with Lockheed Martin, dating back to Loral Systems, which was acquired by Lockheed in 1993.
In announcing his retirement plan, Stevens said that the global economic and security challenges require leadership with a long-term view is needed to keep Lockheed competitive. Stevens has been CEO since 2004.
Replacing Kubasik as president and COO will be Marilyn Hewson, executive vice president of Lockheed’s electronic systems business. Her replacement will be named later this year.
“Chris and Marilyn are superbly well prepared to guide the continuous evolution of Lockheed Martin’s strategies and operating concepts,” Stevens said.