Photo Release -- Northrop Grumman Elects Wesley G. Bush President and Chief Operating Officer; Also Elects James F. Palmer Corporate Vice President and Chief Financial Officer
LOS ANGELES, Feb. 13, 2007 (GLOBE NEWSWIRE) -- Northrop Grumman Corporation (NYSE:NOC) announced today that its board of directors has elected Wesley G. Bush, 45, chief operating officer of Northrop Grumman in addition to his current title of president. The board of directors also elected James F. Palmer, 57, corporate vice president and chief financial officer, succeeding Bush as CFO. Both elections are effective March 12, 2007. Bush and Palmer will report to Ronald D. Sugar, chairman of the board and chief executive officer. This completes the search for a chief financial officer that the company announced in May 2006.
Photos accompanying this news release are available at http://media.primezone.com/noc/
In his new role as chief operating officer, Bush will continue to work closely with Sugar, focusing on company operations. "Wes Bush has done an outstanding job as president and chief financial officer," Sugar said. "With Wes assuming the chief operating officer responsibilities, we can leverage his extensive operational talent and experience more broadly as we further strengthen our emphasis on performance, competitiveness and future growth."
Bush joined Northrop Grumman in 2002 as part of the company's acquisition of TRW Inc. He joined TRW in 1987, where he held increasingly responsible technical and management positions in electronic and space systems. In 2001, he was elected president of TRW Aeronautical Systems in Birmingham, United Kingdom. Following Northrop Grumman's acquisition of TRW, Bush was elected corporate vice president and president of the company's Space Technology sector. In 2005, he was elected corporate vice president and chief financial officer and in 2006, he was elected president and chief financial officer.
Bush earned Bachelor of Science and Master of Science degrees in electrical engineering from the Massachusetts Institute of Technology.
Regarding Palmer's election, Sugar said, "We are delighted to welcome Jim Palmer, a seasoned and highly respected global financial executive, to our senior management team. He brings broad-based operational and financial expertise to his new position, including many years as a senior financial executive in the aerospace and defense industry. He is well qualified to lead our company's business management organization and he will play a significant role in our focus on performance throughout the company and our drive to increase shareholder value."
As chief financial officer, Palmer will be responsible for the company's overall business management function and activities including the controller; treasury; contracts, pricing and supply chain; financial planning; tax; internal audit; investor relations; trust administration and investments; and financial process excellence functions. He will also provide leadership to the business management organizations within the operating sectors of the company.
Palmer joins Northrop Grumman from Visteon Corporation where he currently serves as executive vice president and chief financial officer. He joined Visteon in June 2004. He previously served from 2000 to 2004 as president of Boeing Capital Corporation, and from 1997 to 2000 as president of Boeing Shared Services. From 1995 through 1997 he was senior vice president and chief financial officer of the McDonnell Douglas Corporation. At McDonnell Douglas, he also served as vice president and treasurer as well as vice president of business operations and CFO for military aircraft and missiles. Prior to his work at McDonnell Douglas, Palmer worked for twenty years at Ernst & Young, rising to the position of partner.
Palmer earned a Bachelor of Science degree in accounting from Southeast Missouri State University. He is a certified public accountant and a member of the Financial Executive Institute.
Northrop Grumman Corporation is a $30 billion global defense and technology company whose 120,000 employees provide innovative systems, products, and solutions in information and services, electronics, aerospace and shipbuilding to government and commercial customers worldwide.
CONTACT: Dan McClain (Media) Northrop Grumman Corporation (310) 201-3335 Gaston Kent (Investors) Northrop Grumman Corporation (310) 201-3423