Augustine to Leave Lockheed Martin Helm

By Fisher, Eric; Kline, Alan | The Washington Times (Washington, DC), April 19, 1997 | Go to article overview

Augustine to Leave Lockheed Martin Helm


Fisher, Eric, Kline, Alan, The Washington Times (Washington, DC)


Norman Augustine, an aerospace industry pioneer who helped lead the $10 billion merger of Lockheed Corp. and Martin Marietta, said yesterday he will step down as chief executive officer of Lockheed Martin in August.

The Bethesda-based aerospace company said no major change of course is planned under Vance Coffman, the company's president and chief operating officer, who will take Mr. Augustine's place as CEO.

"There are a number of interests I have, things I've wanted to pursue," Mr. Augustine said. "This is the right time to move on to the next generation of leadership now in place."

Currently the largest defense contractor in the world, Lockheed Martin is a $30 billion company with interests in the defense, aerospace, electronics, environmental and energy industries and is contracted to build the next space shuttle. The company is also one of two finalists for a a $219 billion contract to build a joint strike fighter for three branches of the U.S. military.

Mr. Augustine, 61, who will remain chairman of the board of both Lockheed Martin and the American Red Cross, will start an academic career this fall at his alma mater, Princeton University. He will be a lecturer in engineering and applied physics.

He had been planning his retirement for several years because Lockheed Martin has a mandatory retirement age of 65.

"I guess if it was business as usual, I would have left two years ago," he said. "But there was no way it could have happened then," while merger plans between Martin Marietta and Lockheed were in high gear.

Mr. Augustine, who started his career as an engineer with Douglas Aircraft, joined the Department of Defense in the mid-1960s and rose to undersecretary of the Army by 1973. …

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