General Dynamics names new president

By Anthony Cronin, The Day
Posted March 09, 2012, at 5:34 a.m.

NEW LONDON, Conn. — General Dynamics said Thursday it has promoted the head of its marine systems group to be the defense contractor’s president and chief operating officer.

The Fall Church, Va.-based company said the 54-year-old Phebe N. Novakovic will report to Jay L. Johnson, chairman and chief executive officer. Novakovic’s appointment will be effective on May 2.

Shares of General Dynamics closed the day’s trading at $72.01 on the New York Stock Exchange, up more than a percent from the previous day’s trading.

Novakovic was named an executive vice president with General Dynamics last May, overseeing its Marine Systems group, whose holdings include submarine-maker Electric Boat, as well as Bath Iron Works, the Maine-based manufacturer of U.S. Navy surface ships, and NASSCO, the San Diego-based ship design, construction and repair company.

Before that, Novakovic had been a senior vice president of planning and development since July 2005, with responsibility for government relations, communications, international, investor relations and strategic planning. She also served as General Dynamics’ vice president of strategic planning.

Johnson praised Novakovic’s work with the defense contractor, saying she has performed well in her role as executive vice president of Marine Systems and previously as senior vice president of planning and development.

Johnson, in prepared remarks announcing Novakovic’s appointment, said she is “more than ready to assume a larger role in the corporation.”

The chief executive said Novakovic would assist him with oversight and management of General Dynamics’ business groups as well as its headquarters operations in Virginia.

In her prepared remarks, Novakovic said she was honored that General Dynamics “entrusted me with this new position.”

“I look forward to serving with Jay as General Dynamics continues to provide value to our shareholders and our customers,” she added.

General Dynamics has a global work force in excess of 95,000, with interests in business aviation, land and expeditionary combat systems, armaments and munitions, shipbuilding and marine systems, and information systems and technologies.

© 2012 The Day (New London, Conn.)

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http://bangordailynews.com/2012/03/09/business/general-dynamics-names-new-president/ printed on November 24, 2014