Northrop Grumman (ticker: NOC, exchange: New York Stock Exchange (.N))
News Release -
Northrop Grumman Board Proposes Annual Election of Directors
LOS ANGELES, March 2, 2005 /PRNewswire-FirstCall via COMTEX/ -- Northrop Grumman
Corporation (NYSE: NOC) announced today that the company's board of directors
has voted to submit a proposal to stockholders that would eliminate the
company's classified board structure.
Stockholders will be asked to vote on the board's recommendation at the
company's 2005 Annual Meeting scheduled for May 17, 2005. If stockholders
approve the board's recommendation, each class of director up for re-election,
commencing in 2006, will stand for re-election on a yearly basis. Under the
current structure, each of the three director classes is elected to a three-
year term with one third of the board standing for re-election each year.
"We are committed to excellence in corporate governance and believe this
action is in keeping with that commitment and is responsive to the views of
our stockholders," said Ronald D. Sugar, Northrop Grumman chairman, chief
executive officer and president.
Northrop Grumman Corporation is a global defense company headquartered in
Los Angeles, Calif. Northrop Grumman provides a broad array of technologically
advanced, innovative products, services and solutions in systems integration,
defense electronics, information technology, advanced aircraft, shipbuilding,
and space technology. The company has more than 125,000 employees and
operates in all 50 states and 25 countries and serves U.S. and international
military, government and commercial customers.
SOURCE Northrop Grumman Corporation
Frank Moore (Media), +1-310-201-3335, or Gaston Kent (Investors), +1-310-201-3423,
both of Northrop Grumman Corporation