Lockheed’s Augustine to Retire as CEO

Lockheed Martin Corp. said Norman Augustine will retire as chief executive later this year to pursue outside interests but will remain chairman of the board. Vance Coffman, currently president and chief operating officer, will assume the additional post of chief executive as of Aug. 1. Augustine, 61, an architect of the Lockheed-Martin Marietta merger, has served as the company’s CEO since January 1996. Coffman, 53, previously served as president of Lockheed’s space and strategic missiles sector. “This is the right time to move on to the next generation of leadership now in place at Lockheed Martin,” Augustine said in a statement. Augustine will become a professor at Princeton University. Lockheed Martin’s stock rose 62.5 cents to close at $84.50 on the New York Stock Exchange.