Lockheed Says 25% of Executives Take Retirement Plan
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Lockheed Martin Corp., the world’s largest defense company, said about 25 percent of its executives opted for a voluntary retirement program designed to cut costs as U.S. defense spending slows.
More than 600 vice presidents and directors applied for the program offered in July, Bethesda, Maryland-based Lockheed said in a statement today. Executives taking the retirement plan have begun leaving and all will have gone by February, Jeffery Adams, a Lockheed spokesman, said in a telephone interview.