Augustine steps down at Lockheed Martin

Norman R. Augustine took another voluntary demotion yesterday at Lockheed Martin Corp., giving the chairmanship reins over to Vance D. Coffman at the company's annual meeting in Irving, Texas.

Augustine retired last year as chief executive officer of the Bethesda company that he built into the biggest defense contractor in the world. The 62-year-old executive, a telegenic figure who has written a best-selling book and was known as the political and popular figurehead of his industry, said last year that he also planned to step down as chairman of the board.

The more low-key Coffman, 53, succeeded Augustine as CEO and was expected to take over as chairman, as well. The board elected him to the post yesterday.

Augustine will remain on the board of directors. He teaches part-time at Princeton University, his alma mater.

The company's executives also reiterated a commitment yesterday to pursuing their proposed $11 billion purchase of Northrop Grumman Corp. The Justice Department has filed an antitrust suit to block the transaction, and the trial will begin Sept. 8.

Pub Date: 4/24/98