NEW YORK, Oct 29 (Reuters) - Lockheed Martin Corp's board is calling for further action, including more changes to senior management, to help raise the company from a year of problems that have ranged from contract losses to a declining share price, the Wall Street Journal said on Friday.
Vance Coffman's position of chairman and chief executive is said to be secure for now, the Journal said, citing people familiar with the situation.
But some detail of changes is likely to be released on Friday when the leading defence contractor is expected to post third-quarter earnings.
During the past year, Lockheed has named new people to a number of top jobs, including Chief Financial Officer Robert Stevens and the heads of the space and electronics units, the Journal noted.
The only top executives left unaffected are Coffman, president and chief operating officer Peter Teets and James Blackwell, head of military-aircraft operations.
In September, Coffman unveiled a plan to reduce Lockheed's five operating divisions to four and sell operations with about $1.4 billion in annual sales.
Lockheed shares rose 1/2, to 22-15/16, in trading Thursday on the New York Stock Exchange, but remained substantially below their year high of 56-3/4. |
