Lockheed Martin CEO Bob Stevens, 60, says he will step down and turn the post over to Lockheed President Chris Kubasik in January. Stevens said his decision was prompted by the prospect of a long-term struggle with defense spending cuts, which he expects to last past what would be his mandatory retirement age of 65. Lockheed said this week that it was bracing for the sweeping spending cuts that would come as part of budget sequestration.
Republican members of the House Armed Services Committee this week said they wanted to examine an East Coast location for a third missile-defense site. Two other sites already exist, in Alaska and California. The interceptors are meant to defend against possible missile attack from nations such as North Korea or Iran.
Profits at missile manufacturer Raytheon surged 17% in the first quarter, prompting the company to increase its earnings forecast for 2012. Raytheon expects net income from continuing operations to range from $5 to $5.15 per share for 2012, up from an earlier forecast of $4.90 to $5.05.
For the first time on Wednesday, the White House weighed in on a controversial cybersecurity bill nearing a House vote, with President Barack Obama saying he would veto the legislation if it made it to his desk. In a statement on the Cyber Intelligence Sharing and Protection Act -- which makes it easier for Internet service providers and the government to share user data -- the Obama administration said the bill does not include adequate privacy protections and by shielding companies from lawsuits "potentially undermines our nation's economic, national security and public safety interests."
Boeing serves as a creditor to AMR Corp., the parent company of American Airlines. Boeing says it supports American's plan to emerge from bankruptcy as a stand-alone carrier, rather than merge with US Airways. "American is working through the process now and we support them emerging from this thing as a stronger airline," said Boeing CEO Jim McNerney.
The Eclipse 550 very light jet has earned a production certificate from the Federal Aviation Administration. Eclipse Aerospace looks forward "to advancing the Eclipse 550 aircraft to full-scale production," said Cary Winter, an Eclipse senior vice president.
Sen. Kirsten Gillibrand, D-N.Y., has proposed legislation that would allow the removal of Canada geese from a wildlife refuge near a New York airport in a bid to reduce the number of bird strikes on planes. The Federal Aviation Administration this year has received reports of 1,090 bird strikes through March 31.
NASA should pick the best space-capsule maker soon to ferry astronauts to the International Space Station, the House Appropriations Committee says, a move that the panel says would save time and money that would otherwise be lost during an extended competition to find the best company. But NASA argues that it could be open to financial or other problems if it selects one company now.
Charlotte, N.C.-based Goodrich saw its net income fall slightly in the first quarter due to a higher tax rate, pension expenses and its upcoming merger with United Technologies, the firm says. Goodrich had net income of $188 million, or $1.46 per diluted share, a decrease from $195 million, or $1.52 per diluted share, a year earlier. However, "revenue rose to $2.15 billion from $1.9 billion," this feature says.
The Transportation Security Administration is allowing some of the busiest airports to forgo criminal background checks and security-threat assessments on potential employees, letting them work once they've been fingerprinted and their data are entered for a background check. "To allow for a continuity of operations, TSA has provided airports and airlines with interim regulatory relief," said Jon Allen, a spokesman for the TSA, in a statement. "At no time was security at risk, and all new employees will still undergo identity verification and be subject to watch list matching."
AIA Compensation Practices Committee Spring meeting
The AIA Compensation Practices Committee is comprised of professionals specializing in executive and companywide compensation and benefits. The CPC Spring meeting is scheduled for June 27 and 28 and will be held at the Hilton Austin, in Austin, Texas. If you have been designated as your company's representative or if your company is interested in attending the meetings, please contact Brian Crowley at 703.358.1035 or email@example.com.
AIA first quarter executive report released
This quarter's executive report features a profile on AIA's new Chairman, David P. Hess, president of Pratt & Whitney, United Technologies Corporation. Read the full report here.