Lockheed Taps GM Executive as Its CEO

Lockheed Martin Corp. named Louis R. Hughes as president and chief operating officer, succeeding Peter B. Teets, who resigned amid financial turmoil at the defense contractor. Hughes, 51, comes to Lockheed from General Motors Corp., where he had been executive vice president and president of international operations, based in Zurich, Switzerland. Hughes also was responsible for the development of new businesses and managing relationships with GM’s international business partners. Earlier in his career, he led the turnaround and expansion of GM’s Adam Opel unit. Hughes will report to Chairman and Chief Executive Vance D. Coffman and will be responsible for day-to-day operations. Coffman will focus on strategic and financial issues, the company said. Lockheed had 1999 sales of more than $25.5 billion, but the year was dismal on many fronts. The Bethesda, Md.-based defense contractor announced layoffs of 2,800 workers, saw its stock lose nearly half its value and slashed its dividend in half. Lockheed closed unchanged at $20.44 on the NYSE.