Lockheed Martin President, COO Stepping Down
Lockheed Martin President & COO Steps Down
By Nick Wakeman, Senior Editor
OCT. 19 - After just six months on the job, Lockheed Martin Corp. President and Chief Operating Officer Louis Hughes has decided to leave the company effective Oct. 31.
Hughes joined Lockheed Martin of Bethesda, Md., April 27.
He cited personal and family reasons for his decision.
"While very rewarding professionally, the position of president has necessitated that I be separated from my family in Chicago for extended periods of time," Hughes said.
His family could not relocate to the Washington area, and after discussing the situation with Lockheed Martin Chairman Vance Coffman, they decided that Hughes should step down.
Robert Stevens, executive vice president and chief financial officer, has been tapped to replace Hughes as president and COO.
In a statement released by Lockheed Martin, Hughes said there were no internal struggles that led to his departure.
"There are absolutely no disagreements between Vance, the board and me regarding the direction of the company," he said in the statement. "Having worked closely with the executive team, I can assure you that Lockheed Martin is in very capable hands."
Coffman had high praise for Hughes.
"This is a disappointment and Lou will be missed," Coffman said. "I've come to understand his personal situation and I respect and agree with this outcome. Although brief, Lou's tenure here has helped us to build a stronger management team ... and given us new perspective on how we leverage our technology."
Hughes had begun an effort to look inside Lockheed Martin for promising technologies that could be commercialized.
Coffman credited Stevens with repairing Lockheed Martin's credibility on Wall Street and restoring the company's financial stability.
Stevens, 49, has served in a number of positions at Lockheed Martin, including vice president for Strategic Development, president and COO of the former Lockheed Martin Energy and Environment Sector, and president of Lockheed Martin Air Traffic Management. Along with his appointment as president and COO, Stevens also was elected to the company's board.