Pass the Sugar

By John Liang / September 16, 2009 at 5:00 AM

Northrop Grumman's Chairman and Chief Executive Officer Ronald Sugar today announced he plans to retire next June, according to a company statement:

To facilitate an orderly transition process, Sugar will step down from the chairman and CEO positions and the company’s Board of Directors effective December 31, 2009. He will continue as an employee officer advising the company until his June 30, 2010 retirement date. Sugar will assume the title of chairman emeritus effective January 1, 2010.

Northrop's board of directors has elected Wesley Bush, the company's president and chief operating officer, to CEO and president, effective Jan. 1, 2010, according to the statement.

In another senior company personnel move, Northrop's board elected Lewis Coleman, currently lead independent director, to the role of non-executive chairman, effective Jan. 1, 2010, the statement reads.