Northrup Grumman CEO addressing cost, quality issues

08/27/2008 | Bloomberg11

Despite winning some of the year's most lucrative defense contracts, Northrop Grumman Corp. has seen its shares drop 12%, hurt by cost overruns and poor quality control. CEO Ronald Sugar has been meeting with big investors, seeking to assure them the problems are being fixed. The company has dispatched its president and CFO to oversee the troubled Mississippi shipyard where sloppy wiring has led to delays and customer complaints on the LHD-8 amphibious assault ships being built for the Navy.

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