Sugar Named Northrop Grumman CEO

Wednesday, February 19, 2003
Northrop Grumman Corporation announced today that its board of directors has elected Ronald D. Sugar, the company's president and chief operating officer, as Northrop Grumman's next chief executive officer. (Photo: http://www.newscom.com/cgi-bin/prnh/20030219/LAW068 ) Sugar, a 35-year defense industry veteran, will assume leadership of the nation's second largest defense contractor effective April 1, 2003. In addition to his election as CEO, he will retain the position of company president. The announcement culminates an orderly succession plan by the board of directors that accommodates the decision of Kent Kresa, Northrop Grumman's chairman and CEO, to retire after reaching the board's mandatory retirement age of 65 for senior executives. Kresa will continue as non-employee chairman until Oct. 1, 2003. "Ron Sugar is a talented and seasoned executive who possesses a thorough understanding of our business, our strategy and our potential," said Kresa. "Since arriving at Northrop Grumman after our April 2001 acquisition of Litton Industries, Ron and I have worked closely together. He has distinguished himself throughout the organization as a strong manager with an uncompromising commitment to excellence. Under his leadership, Northrop Grumman will be in very capable hands and will continue on a steady and consistent course." Sugar said, "I am truly honored by the board of directors' decision and look forward to leading Northrop Grumman. This is the opportunity of a lifetime. Northrop Grumman is a defense technology leader with outstanding employees, a strong tradition of operating performance, and a solid balance sheet. My initial focus will be to assure the organization continues to perform well while optimizing the great strategic strengths of the company." Sugar continued, "On behalf of the board of directors and the 120,000 men and women of this organization, we owe Kent our deepest gratitude for the vision and leadership he provided over the past decade. We look forward to benefiting from his continued role as chairman." Kresa said, "Serving as the chief executive of Northrop Grumman for the past 13 years has been one of the most rewarding experiences of my life. Over the past decade, we have created one of the most powerful and best-positioned defense companies in the world. With a portfolio of military systems and information technologies that are at the cutting edge of 21st century warfare, we have a wonderful future ahead of us. And while I will miss the day-to-day duties of CEO, I look forward to continuing in my role as chairman. This will be a very smooth and orderly leadership transition that will serve the best interests of our shareholders, customers and employees."
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Vale CEO: Coal Deal Soon

Brazilian mining company Vale SA is close to making a "strategic" announcement concerning its coal unit, the company's chief executive Murilio Ferreira said on

NAO Announces Financials, Declares Dividend

Nordic American Offshore Ltd. has declared a dividend of $0.45 per share for 3Q2014, as previously announced. This is the same dividend as for the previous two quarters.

Vale Financials Disappoint; Iron Ore Prices, Currency Cited

Brazil's Vale posted a surprise loss of $1.44 billion on Thursday, hurt by a fall in the price of iron ore, higher production costs and a weakening Brazilian currency.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1486 sec (7 req/sec)