Next Lockheed CEO adds new job of vice chairman

BETHESDA, Md. -- Lockheed Martin Corp. said Thursday that it added the new position of vice chairman to its board and named its future CEO to fill the job.

The defense contractor and aerospace company announced in April that Christopher E. Kubasik, who also is chief operating officer, would succeed the retiring Robert J. Stevens as CEO next Jan. 1. Stevens, 60, is expected to remain chairman through January 2014.

Lead director Douglas H. McCorkindale said that serving as vice chairman would help groom Kubasik, 51, for the top job. Stevens said adding Kubasik to the board was "a natural next step in our leadership transition."

Kubasik has been president and chief operating officer since January 2010. He earlier served as executive vice president of Lockheed's electronic-systems business and before that as Lockheed's chief financial officer.

Lockheed's earnings fell slightly in 2011 from 2010 as it faced limits on U.S. defense spending. But first-quarter earnings rose 26 percent to $668 million, or $2.03 per share, on a 6 percent increase in revenue.

Separately, the company announced two other appointments. Rick Ambrose, leader of information systems-national, was named vice president and deputy of Lockheed's space systems company. His prior job will be filled by Tim Reardon, who is now vice president of operations for information systems-national. The changes take effect Monday.

The shares fell 38 cents Thursday to close at $84.53. Over the past 52 weeks, they've ranged between $66.36 and $92.24, climbing from a low point last August to a peak in April. They added a penny after hours.