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EXHIBIT 99.1
[LITTON CORPORATE LETTERHEAD]
FOR IMMEDIATE RELEASE News
Release
Investor Contact:
J. Spencer Davis
(818) 598-5495
Media Contact:
Randy Belote
(703) 413-1521
LITTON NAMES RONALD D. SUGAR PRESIDENT AND CHIEF OPERATING OFFICER
WOODLAND HILLS, CALIFORNIA, June 22, 2000...Litton Industries, Inc.
(NYSE: LIT) announced today that Ronald D. Sugar, age 51, has been named
president and chief operating officer of the company. Dr. Sugar will report to
Michael R. Brown, Litton chairman and chief executive officer. Dr. Sugar joins
Litton from TRW Inc. where he held the position of president and chief
operating officer, TRW Aerospace & Information Systems.
Fulfilling an important part of Litton's management succession plan, Dr.
Sugar will be nominated for election to the corporation's board of directors at
the Litton annual shareholders meeting in December 2000. The plan calls for Dr.
Sugar to be elected to the position of Litton's chief executive officer on or
before December 31, 2001 and, as part of the future leadership of Litton, for
him to be in line to succeed Mr. Brown.
"We are extremely pleased and fortunate to have Ron Sugar join Litton as
president and chief operating officer," said Mr. Brown. "Ron brings to this
position outstanding depth and breadth of experience from both the commercial
and government industries. He has a proven track record of success in areas of
growth and performance, and has clearly demonstrated the ability to work with
customers, employees and investors to increase shareholder value. We will look
to Ron to be a significant leader in
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the enhancement of the competitive advantage of our operating units.
Additionally, we look forward to his vigorous support of Litton's strategy to
earn a significant return over our cost of capital."
Dr. Sugar joined TRW in 1981, directing advanced research and development
programs. He was promoted to positions of increasing responsibility including
chief engineer and deputy program manager of the Milstar Satellite Payload
Program, and in 1987 was appointed vice president of TRW Space Communications
Division.
In 1992, Dr. Sugar was appointed vice president, strategic business
development, for TRW's Space & Defense Sector, and then became vice president of
group development for the newly formed TRW Space & Electronics Group.
He was elected executive vice president and chief financial officer of
TRW, Inc. and became a member of the TRW Management Committee in 1994. In this
position, he was responsible for the worldwide financial operations of the
company and its subsidiaries, including accounting, tax, treasury, audit,
investor relations, and information technology functions.
Dr. Sugar served from 1996-1998 as executive vice president and general
manager of TRW Automotive Electronics Group, and most recently as president and
chief operating officer, TRW Aerospace & Information Systems. In this position,
he became a member of TRW's Chief Executive Office.
Prior to joining TRW, Dr. Sugar held positions at The Aerospace
Corporation, Hughes Aircraft Company and Argosystems, Inc.
In 1968, Dr. Sugar graduated summa cum laude in electrical engineering
from the University of California at Los Angeles, where he also received
master's (1969) and doctoral degrees (1971) in the same field. He subsequently
completed executive education programs at Stanford University and The Wharton
School of the University of Pennsylvania.
He was recently appointed by the President of the United States to the
National Security Telecommunications Advisory Committee. Also, Dr. Sugar is a
member of the board of governors of the Aerospace Industries Association, a
trustee of the National Defense Industrial Association and a member of the
Conference
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Board Council of Operating Executives.
Litton is the nation's largest builder of non-nuclear ships for the U.S.
Navy and designs, builds, and overhauls surface ships for government and
commercial customers worldwide. The company is a leading information technology
(IT) contractor to the U.S. government and provides specialized IT services to
commercial customers and government customers in local/foreign jurisdictions.
Litton is a leading provider of defense and commercial electronics technology,
components, and materials for customers worldwide. Headquartered in Woodland
Hills, California, Litton has more than 40,000 employees and $5 billion in
annual revenue. For more information, visit Litton's website at www.litton.com.
THIS NEWS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS MADE IN RELIANCE UPON THE
SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.
SUCH FORWARD-LOOKING STATEMENTS REFLECT MANAGEMENT'S CURRENT ASSUMPTIONS AND
ESTIMATES OF FUTURE PERFORMANCE AND ECONOMIC CONDITIONS, AND ARE SUBJECT TO
RISKS AND UNCERTAINTIES, SUCH AS THE SUCCESS OF THE COMPANY IN EXECUTING ITS
MANAGEMENT SUCCESSION PLAN TO DEVELOP ITS EXECUTIVES, THAT COULD CAUSE THE
ACTUAL RESULTS TO DIFFER MATERIALLY. FOR A DISCUSSION IDENTIFYING ADDITIONAL
IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO VARY MATERIALLY FROM THOSE
ANTICIPATED IN THE FORWARD-LOOKING STATEMENTS, SEE THE COMPANY'S 1999 ANNUAL
REPORT ON FORM 10-K, AND OTHER DOCUMENTS, FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.
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