Northrop Grumman Corp. CEO, Wes Bush steps down from his post. Kathy Warden is to succeed to the post.
The announcement came on Thursday that Grumman will be quitting his post from January 1st. But he is said to continue as the company’s chairman till July 2019.
Warden has been in the company since 2008 and has been playing various roles in the company. Earlier, she was the general manager of the cybersecurity business, the president of Mission Systems sector and the president of the Information Systems sector. She had also been the vice president.
Warden will be among the board of directors with immediate effect and look into the day-to-day activities and lead the company from January 1.
Warden was the Chief Operating Officer and president last September when Gloria Flach stepped down on Dec 31.
Bush had also served as the COO and the president of the company, earlier, before getting into his current position. Bush holds the largest individual shares of the company among the board and executives.
The company prides itself on its well-planned succession strategy, says Don Felsinger, the independent director, on Thursday. He also adds that Bush had been able to lead the company well and says that the board appreciates his good leadership and the tremendous progress that the company had made under his guidance.
Warden has been playing a prominent role in various areas like software products, complex hardware, and mission-critical systems as well as in computing, control, intelligence, reconnaissance, surveillance, and cybersecurity. She is considered one of the most highly paid executives in Greater Washington.
Three of the industries defense firms are run by women, with this promotion by Warden.
However, shares of Northrop (NOC: NYSE) dipped by $1.02, which is 0.32 percent, on the exit of Bush on Thursday. Its effect was felt after trading hours.