May 11 1999
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(New page: Following a series of launch failures, Lockheed Martin Corporation announced management changes in three of its business sectors. Raymond S. Colloday, President of Lockheed Martin ...)
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Following a series of launch failures, Lockheed Martin Corporation announced management changes in three of its business sectors. Raymond S. Colloday, President of Lockheed Martin Astronautics, retired, effective immediately, and G. Thomas Marsh, Executive Vice President of Missiles and Space, succeeded him. Lockheed named the President of Missiles and Space, K. Michael Henshaw, as President and Chief Operating Officer of the Energy and Environment Sector, effective 1 June. In that position, Henshaw succeeded Robert J. Stevens, who had served in dual positions but was directed to "devote his full attention" to his role as Corporate Vice President of Strategic Development. Albert E. Smith, President of Aerospace Electronics Systems and of Sanders, a Lockheed Martin company in Nashua, New Hampshire, succeeded Henshaw as President of Lockheed Martin Missiles and Space of Sunnyvale, California. Lockheed named Walter P. Havenstein President of Sanders and Acting President of Aerospace Electronics System, a promotion from his former position as Executive Vice President. In addition to the recent launch failures, Lockheed had been "bedeviled" by problems in its space business, including a 10 percent reduction in sales in its Space and Strategic Missiles Sector and a 17 percent decline in operating profit, after inadequate preparation and cancellations had caused the delay of commercial satellite launches.
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