Bethesda-based weapons and security contractor Lockheed Martin Corp., which is facing potential layoffs due to cuts in defense spending, announced plans to restructure its Electronic Systems business sector at year-end to create two new business units.
The formation of the Missiles and Fire Control business area, headquartered in Dallas, and the Mission Systems and Training business, based in Washington, D.C., will affect about 200 jobs and save about $50 million a year by eliminating overlapping management positions.
Combined, the two business units employ about 35,000 workers. Effective Dec. 31, two veteran Lockheed Martin employees, Rick Edwards and Dale Bennett, have been named executive vice presidents of the Missiles and Fire Control and the Mission Systems and Training business units, respectively.
Also, Marillyn Hewson, current head of the Electronic Systems business area, will become president and chief operating officer of the parent company on Jan. 1.