Lockheed Martin Corp. (NYSE: LMT) announced Thursday that Chairman and CEO Bob Stevens will retire as chief executive before the end of the year and will be succeeded by President and Chief Operating Officer Chris Kubasik Jan. 1, 2013.
The Bethesda, Md.-based security and aerospace contractor said Stevens will stay on as chairman through January 2014, subject to shareholder election and approval by the board of directors.
Kubasik has served in the executive office of the chairman since October 2011 and has held his current roles since January 2010.
He previously served as executive vice president of the company’s electronic systems business area and earlier as the contractor’s chief financial officer.
Stevens has spent 25 years with the company, previously holding the rank of CFO and rising to become president in 2000 and then CEO in 2004.
A U.S. Marine Corps veteran, Stevens is a member of the Council on Foreign Relations and serves on the international advisory boards of the Atlantic Council and the British-American Business Council.
He also serves on the executive committee of the Aerospace Industries Association board of governors, is a lead director of the Monsanto Company and serves as a director of the Congressional Medal of Honor Foundation.
“Continuous global economic and security challenges have created a new reality in which leadership with a long-term view can provide a sustained competitive advantage, ” Stevens said in the announcement.
The company said current EVP for electronic systems and 29-year company veteran Marillyn Hewson will succeed Kubasik as president and COO, also on Jan. 1, 2013. Hewson has held executive leadership roles in three of Lockheed’s four businesses.
“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, ” Stevens said.
The company said it will name Hewson’s successor later this year.