Sugar retires from Northrop Grumman
Ronald D. Sugar, chairman and chief executive officer of Northrop Grumman Corporation since 2003, has announced his plan to retire from the company in June 2010. He will be replaced by Wesley G. Bush.
Sugar was with Northrop Grumman and its predecessor companies for 29 years. To facilitate an orderly transition process, Sugar will step down from the chairman and CEO positions and the company's Board of Directors effective December 31, 2009. He will continue as an employee officer advising the company until his June 30, 2010 retirement date. Sugar will assume the title of chairman emeritus effective January 1, 2010. Wesley G. Bush, currently president and chief operating officer, will asume the position of chief executive officer and president, effective January 1, 2010. Bush was also elected to the Northrop Grumman Board of Directors, effective immediately.
Sugar, 61, joined Northrop Grumman following its acquisition of Litton Industries and previously held executive positions at TRW Inc. During his tenure as CEO, Northrop Grumman effectively integrated multiple acquired companies as it developed systems and technologies critical to the nation's security. Northrop Grumman expanded sales from $26 billion to nearly $35 billion to become the nation's second largest defense company by revenue.
Bush, 48, joined the company in 1987, and rose to positions of increasing responsibility, including serving as sector president, chief financial officer, and most recently president and chief operating officer. Bush earned bachelor's and master's degrees in electrical engineering from the Massachusetts Institute of Technology. He also is a graduate of UCLA's Executive Management Program.