Northrop Grumman Names New Executives

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.