LOS ANGELES, June 12, 2003 (PRIMEZONE) -- Northrop Grumman Corporation (NYSE:NOC) has named John H. Young Jr. corporate vice president, contracts and pricing, effective immediately. Young is a 30-year company veteran who has held increasingly responsible positions in programs and contract management within the company's Integrated Systems sector.
He succeeds James L. Sanford, who recently was appointed corporate vice president and treasurer. Young, 53, reports to Richard B. Waugh Jr., corporate vice president and chief financial officer.
"John's extensive background in business management, operations, contracts and pricing makes him ideally suited for his new position," Waugh said. "His far-reaching experience will be invaluable to the company in assessing business aspects of all projects we undertake, as well as in implementing procurement and contracting regulations and guidelines."
Young is responsible for maintaining an effective risk review process, providing corporate-wide policy, direction, training and oversight of contracts and pricing matters and ensuring that all sectors meet acceptable performance standards in these areas.
Additionally, Young serves as the principal interface with the defense corporate executive regarding contract and pricing matters, government procurement policy and oversight.
Prior to this promotion, he was a vice president in Northrop Grumman's Integrated Systems sector, where he was also deputy business area leader for Airborne Early Warning and Electronic Warfare (AEW&EW) Systems. Young was responsible for managing all aspects of EW programs, including the EA-6B Prowler and the Improved Capability III program, as well as the E/A-18G, the Prowler's follow-on program and a derivative of the F/A-18. Previously, he was vice president and chief financial officer for AEW&EW Systems.
Other positions Young has held include managing director of the commercial and military products strategic business unit for the former Grumman Electronics Systems Division and program vice president - operations and finance for Grumman's space operations.
He is currently president and serves on the board of directors of the National Contracts Management Association's Long Island, New York chapter, and is a member of the National Aeronautic Association and the Association of Old Crows. John served in the U.S. Marine Corps with the VMCJ-2 photoreconnaissance and electronic warfare squadron and participated in the Vietnam campaign. He earned a B.S. degree in accounting from the New York Institute of Technology. Young has attended finance courses at Hofstra University, and executive and program management programs at Penn State University and at California Polytechnic University.
Northrop Grumman Corporation is a $25 billion global defense company, headquartered in Los Angeles, Calif. Northrop Grumman provides technologically advanced, innovative products, services and solutions in systems integration, defense electronics, information technology, advanced aircraft, shipbuilding and space technology. With approximately 120,000 employees and operations in all 50 states and 37 countries, Northrop Grumman serves U.S. and international military, government and commercial customers.
CONTACT: Frank Moore Northrop Grumman Corporation (310) 201-3335