Northrop Grumman (NOC)
Corporation announced a strategic realignment of several of its operating sectors to enhance the company's support to its customers, better utilize its capabilities and resources and drive operating improvements. The company stated that its two shipbuilding sectors, Newport News and Ship Systems
, will be realigned into a single sector called Northrop Grumman Shipbuilding
, effective Jan. 28, 2008. In addition, the company is realigning the reporting of its missiles business from its Mission Systems sector to its Space Technology sector, effective July 1, 2008. With this new reporting structure, Mission Systems will focus on the rapidly growing C4ISR business, and the missiles business will be an integrated element of the company's Aerospace business growth strategy.
C. Michael Petters, currently corporate vice president and president of Newport News, has been elected corporate vice president and president of Northrop Grumman Shipbuilding. Philip A. Teel, currently corporate vice president and president of Ship Systems, has been elected corporate vice president and president of the company's Mission Systems sector effective April 1, 2008. He will succeed Jerry B. Agee who is retiring in August 2008, in keeping with the company's mandatory retirement policy for officers. Following April 1, Agee will continue as a member of Northrop Grumman's Corporate Policy Council on special assignment to Ronald D. Sugar, Northrop Grumman's chairman and chief executive officer, until his retirement.