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Search Tags: Chris Kubasik
Christopher Kubasik, Lockheed Martin's president, chief operating officer and CEO-elect, resigned Friday after an ethics probe revealed an improper relationship with a subordinate employee. The board named Marillyn Hewson, the executive vice president of the company's Electronic Systems unit, the president and COO, effective immediately. Hewson will also become the CEO in January 2013 — when Kubasik had been slated to become the company's chief executive, taking over for retiring Bob Stevens.
The largest federal contractor is struggling to prepare for about $1 trillion in cuts that are due to take effect in January. Retiring-CEO Robert Stevens said agencies will ask vendors to modify contracts and that in turn will drive up the costs of those programs. Lockheed Martin already is taking steps to reduce its spending by consolidating facilities and reducing staff.