November 9, 2012 / 10:04 PM / 5 years ago

Incoming Lockheed CEO resigns over ethics violation

WASHINGTON (Reuters) - Christopher Kubasik, the incoming chief executive of Lockheed Martin (LMT.N), resigned on Friday after he admitted to an improper relationship with a subordinate, the company said.

Lockheed Martin's Executive Vice President of Electronic Systems Marillyn Hewson, speaks during an exclusive interview with Reuters at the Farnborough Airshow 2012 in southern England in this July 10, 2012 file photo. Lockheed, named Hewson as Chief Executive Officer effective January 1, 2013 after incoming CEO Christopher Kubasik resigned on Friday after he admitted to an impoper relationship with a subordinate, the company said. REUTERS/Luke MacGregor

Kubasik, who was the defence contractor’s chief operating officer, had been slated to become CEO in January, replacing Bob Stevens.

Lockheed named Marillyn Newson, 58, as CEO effective January 1, 2013. Stevens was named as executive chairman and will work with Hewson on the leadership transition.

Lockheed’s board asked for, and received, Kubasik’s resignation after the discovery of “a close personal relationship with a subordinate employee” that violated the company’s code of ethics and business conduct.

Kubasik’s actions “did not affect the company’s operational or financial performance,” the company added.

Hewson has been with Lockheed Martin since 1983. She was named president and chief operating officer-elect in April.

Reporting By Andrea Shalal-Esa; Editing by Leslie Adler and Marguerita Choy

Our Standards:The Thomson Reuters Trust Principles.
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