Posted: Fri, Apr 27, 2012, 7:27 AM ET (1127 GMT)
The chief executive officer of aerospace giant Lockheed Martin will step down at the end of this year, the company announced Thursday. Bob Stevens, CEO of Lockheed Martin, will step down as CEO at the end of 2012, but will remain with the company as chairman through 2013. He will be replaced by the company's president and chief operating officer, Chris Kubasik, who has been in those roles since 2010. Marillyn A. Hewson will take over as president and COO next year. The announcement came with the release of the company's quarterly financial results, where the company reported an operating profit of $226 million on nearly $1.89 billion in net sales.

Related Links:

•  Wall Street Journal article
•  Space News article
•  Reuters article
•  AP article
•  Lockheed Martin press release