Lockheed Martin president Peter Teets has retired after taking the blame for the company's poor financial performance. Teets announced his retirement after the company slashed its earnings outlook for next year by 50%. The company mainly blames satellite launch delays and failures. Micky Blackwell, executive vice-president of Lockheed Martin's aeronautical systems business, is also retiring, to be replaced by Dain Hancock, president of the company's Tactical Aircraft Systems F-16 unit.

Source: Flight International