WASHINGTON (AP) -- Northrop Grumman Corp. says Ronald Sugar will step down as chairman and CEO at the end of the year, ahead of his retirement in June 2010.
The 61-year-old Sugar will be succeeded as CEO by Northrop President and Chief Operating Officer Wesley G. Bush effective Jan. 1. Sugar will serve as chairman emeritus starting Jan. 1 and will continue to advise the company through June 30.
Sugar joined Northrop following its 2001 acquisition of Litton Industries Inc., and was elected chairman and CEO in 2003. Bush, who joined the company in 1987, was named president in May 2006 and COO in March 2007. He will join Northrop's board, effective immediately.