Northrop Grumman Corporation board of directors has elected Albert F. Myers, corporate vice president and treasurer, to the new position of
corporate vice president, strategy and technology. Myers, 57, will report to
Ronald D. Sugar, who as previously announced, will become the company's chief
executive officer effective April 1, 2003.
The board also elected James L. Sanford to succeed Myers as corporate vice
president and treasurer. Sanford currently is Northrop Grumman's vice
president of contracts and pricing. In his new position, Sanford, 57, will
report to Richard B. Waugh Jr., corporate vice president and chief financial
officer. Both appointments are effective April 1, 2003.
As corporate vice president of strategy and technology, Myers will focus
on developing and capitalizing on new strategies for both the company overall
and individual sectors. His organization will assume the business strategy
and long range planning responsibilities of the company and he will become a
member of the company's Corporate Policy Council.
In his new position, Sanford will be responsible for all duties of the
treasury, including cash management, risk management, capital markets, pension
and savings investments, and trust management. He will also be responsible
for execution of the company's merger and acquisition endeavors.