Incoming Lockheed CEO fired after he admits to affair

WASHINGTON (REUTERS) - Lockheed Martin Corp fired its incoming Chief Executive Christopher Kubasik after he admitted to an improper relationship with a subordinate.

Mr Kubasik, who was the defence contractor's president and chief operating officer, had been slated to become CEO in January, replacing Mr Bob Stevens.

During a special session on Friday, the company's board named Ms Marillyn Hewson, 58, to replace Mr Kubasik as president and chief operating officer immediately. She was also elected to succeed Mr Stevens as CEO effective on Jan 1.

Mr Stevens said he was "deeply disappointed and genuinely saddened" by what he called a "very unfortunate moment" in the company's history, but said it should not undermine its standing with the Pentagon, other customers or its shareholders.