Incoming Lockheed CEO resigns over ethics violation

[Bosonic]

Source: Reuters

Christopher Kubasik, the incoming chief executive of Lockheed Martin (LMT.N), resigned on Friday after he admitted to an improper relationship with a subordinate, the company said.

Kubasik, who was the defence contractor's chief operating officer, had been slated to become CEO in January, replacing Bob Stevens.

Lockheed named Marillyn Newson, 58, as CEO effective January 1, 2013. Stevens was named as executive chairman and will work with Hewson on the leadership transition.

Lockheed's board asked for, and received, Kubasik's resignation after the discovery of "a close personal relationship with a subordinate employee" that violated the company's code of ethics and business conduct.

Read more: http://uk.reuters.com/article/2012/11/09/uk-lockheed-kubasik-idUKBRE8A81JD20121109

[Lars77]

1. Here i was thinking it was dirty deals with bad regimes and terrorists or something.

[Blue_Tires]

4. I just KNEW before I clicked that this had to do with

profiteering or rigging contract bids...

wow...

[KoKo]

2. Sheesh...does this have something to do with our CIA Director Resigning. Does Lockheed make Drones?

[pasto76]

3. they make everything

again with the potential to blackmail someone who has control over government contracts, equipment monies, etc

[tomm2thumbs]

5. job creators or baby creators... I can't decide...

Go Marilyn... get 'er done

[thelordofhell]

6. Christopher departs Lockheed Martin with an 80 million dollar parachute clause

Thank you for your non-attempt at work

[Baitball Blogger]

7. Whoa. I see a pattern forming.

Instead of spending more time with the family, they're leaving because of an improper liaison.

[Jackpine Radical]

14. Now he can spend more time

away from his family.

[Posteritatis]

8. I wish I could get $3.5 million for being fired

That'd be great. I'd just try to get fired once a decade or so.

[tammywammy]

9. Her name is Marilyn Hewson not Newson. n/t

[DeSwiss]

10. The Reuters article spells her name as Newson......

(Reuters) - Christopher Kubasik, the incoming chief executive of Lockheed Martin (LMT.N), resigned on Friday after he admitted to an improper relationship with a subordinate, the company said. Kubasik, who was the defence contractor's chief operating officer, had been slated to become CEO in January, replacing Bob Stevens.

Lockheed named Marillyn Newson, 58, as CEO effective January 1, 2013. Stevens was named as executive chairman and will work with Hewson on the leadership transition.

And ''the Google'' also gives the same information about her when her named is spelled either way as well:

Marillyn Hewson

Marillyn Newson

[tammywammy]

11. Reuters is wrong, it's Hewson.

Sloppy on their part.

http://www.lockheedmartin.com/us/who-we-are/leadership/hewson.html

[CanonRay]

12. Does he still get his goden parachute, even though he never worked a day at the job?

Probably

[tammywammy]

13. He worked for the company since 1999.

Severance is $3.5M, no bonus and cannot exercise his unvested stock options.

http://www.businessweek.com/news/2012-11-09/lockheed-s-kubasik-slated-next-ceo-resigns-over-relationship

Kubasik will receive $3.5 million as a severance payment, Lockheed said in a filing with the Securities and Exchange Commission. He will forgo a bonus for this year as well as any unvested portion of his stock options, the company said. Kubasik will be eligible to continue receiving the company’s medical and dental benefits for as long as 18 months, according to the company.