Lockheed Martin’s board chairman and CEO Robert Stevens has notified the company that he intends to retire after 25 years of service. Chris Kubasik, the company’s president and chief operating officer, will become CEO next January, according to Lockheed Martin’s April 26 release. Stevens intends to remain board chairman through January 2014, subject to election by shareholders and board approval. Marillyn Hewson will succeed Kubasik as president and COO next January. “Chris and Marillyn are superbly well prepared to guide the continuous evolution of Lockheed Martin’s strategies and operating concepts in ways that will allow us to simultaneously address the evolving needs of customers and the expectations of shareholders,” said Stevens, who became CEO in 2004 and board chairman the following year. “Bob Stevens has had an extraordinarily distinguished career, working tirelessly on behalf of Lockheed Martin’s customers, shareholders, and employees,” said Douglas McCorkindale, Lockheed Martin’s lead director.
The Pentagon has concluded a new agreement to buy laser-guidance kits that turn rockets into drone-killing weapons. BAE Systems and the Defense Department announced a framework deal of up to seven years for 25,000 Advanced Precision Kill Weapon System guidance kits annually for the U.S. military.