LOS ANGELES, Jan. 17 /PRNewswire-FirstCall/ -- Northrop Grumman Corporation (NYSE: NOC) announced today that its board of directors has elected Wesley G. Bush corporate vice president and chief financial officer, succeeding Charles H. Noski, who has elected to leave the company to pursue other personal and professional interests. Bush is currently corporate vice president and president of the company's Space Technology sector.
Both changes will become effective upon the filing of the company's 2004 Form 10-K, which is expected to take place on or before March 15, 2005. Noski will continue to serve on the company's board of directors until his term expires in May 2005. The company is evaluating candidates to fill Bush's current position.
Ronald D. Sugar, Northrop Grumman's chairman, chief executive officer and president, stated, "Wes is an exceptional business executive with a demonstrated ability to create shareholder value. He brings strong profit-and-loss operating skills and strategic development experience in both the defense and commercial sectors. I look forward to working with him in his new role."
"We greatly appreciate Chuck's willingness to step in as chief financial officer in late 2003, in addition to his responsibilities as a member of the board," Sugar added. "We thank him for the outstanding job he did as chief financial officer and board member, and on behalf of the board of directors and my entire management team, I wish him well in his future endeavors."
Sugar noted that the company remains on track to report its year-end financial results on Feb. 2, 2005.
Bush, 43, has served as corporate vice president and president of the company's Space Technology sector since the company's December 2002 acquisition of TRW Inc. He previously served as president and chief executive officer of TRW's UK-based global Aeronautical Systems business, and also served as vice president of TRW Ventures, an organization focused on leveraging TRW's advanced technologies to create new business opportunities in commercial markets.
During his 15 years at the former TRW Space & Electronics group, Bush developed broad technical and operational experience in a series of management positions, leading to a vice president and deputy assignment. He also served as vice president and general manager of TRW's Telecommunications Programs Division, where he was responsible for developing and producing advanced satellite and terrestrial wireless communications.
Prior to joining TRW as a systems engineer in 1987, Bush held positions with both the Aerospace Corporation and Comsat Labs.
Bush earned both bachelor's and master's degrees in electrical engineering from the Massachusetts Institute of Technology, and he completed the UCLA Anderson School Executive Management Program.
Northrop Grumman Corporation is a global defense company headquartered in Los Angeles, Calif. Northrop Grumman provides technologically advanced, innovative products, services and solutions in systems integration, defense electronics, information technology, advanced aircraft, shipbuilding and space technology. With more than 125,000 employees, and operations in all 50 states and 25 countries, Northrop Grumman serves U.S. and international military, government and commercial customers.
SOURCE Northrop Grumman Corporation
CONTACT: Media, Frank Moore, +1-310-201-3335, or Investors, Gaston Kent, +1-310-201-3423, both of Northrop Grumman Corporation