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BETHESDA, Md. — Lockheed Martin said it is offering incentives to thin its executive ranks and lower overhead costs as the aerospace and defense company faces a “new reality” of customers’ tighter budgets.
Chairman and chief executive Bob Stevens cited recent comments from Pentagon officials regarding productivity and cost-savings programs.
His comments are just the latest to describe how the defense giant is bracing for belt-tightening at the Department of Defense. It has undergone a business reorganization and cut its participation in trade shows and plans to sell two units.
