Northrop Grumman (NYSE:NOC) is in a bit of a transition at the moment as the aerospace and defense technology company’s CEO will be stepping down from his role as boss.
The company announced on Thursday that CEO Wes Bush will be stepping down, although the move will not be effective until the turn of the calendar on Jan. 1, 2019. Northrop Grumman added that the company’s board has chosen Chief Operating Officer Kathy Warden as the new company boss as she will take over as soon as Bush steps down.
Warden has been with the company since 2008 and she has served it in various roles, which include vice president and general manager of the company’s cybersecurity business. She also served as president of its former Information Systems sector, as well as president of its Mission Systems sectors. She will be joining the Northrop Grumman board of directors, effective immediately.
Bush started out as a systems engineer for TRW Inc. back in 1987 and he was transferred to Northrop Grumman once the company announced TRW in 2002. He served as the company’s chief operating officer from 2003 to 2006, as well as chief financial officer from 2005 through 2007. He was appointed as the company’s chairman in 2011.
NOC shares were little changed on Friday following the news as they surged a fraction of a percentage.