Northrop CEO steps down

Ronald Sugar will be replaced by Wes Bush, the company's current president and chief operating officer. Sugar is also stepping down as chairman. Sugar, who is 61, will be leaving his post before the company's mandatory retirement age of 65 (a little unusual but not totally out of the box). He's been CEO since 2003. Bush is 48 and has held various positions at the L.A.-based defense contractor, including CFO. From the WSJ:

In an interview, Mr. Sugar said the company was well positioned for a transition at the top following some restructuring moves earlier this year. The moves come as the defense industry is undergoing major changes. Defense Secretary Robert Gates is shaking up the Pentagon's focus on costly hardware. In addition, a rising tab for military operations in Afghanistan and Iraq is starting to squeeze weapons spending.