Lockheed Exec Retires After Rocket Failures

Lockheed Martin Corp. said the president of its Astronautics division, Raymond Colladay, will be replaced immediately, following a string of highly publicized failures of the division’s Titan IV rocket. Lockheed, the No. 1 defense contractor, said Colladay has announced he will retire, though the effective date of his retirement wasn’t known immediately. He will be replaced by G. Thomas Marsh, executive vice president of Lockheed’s Missiles and Space division. The shake-up comes a week after Lockheed Martin announced an internal review of its missile program, which follows a series of antimissile and booster-rocket program failures. Shares of Lockheed Martin, based in Bethesda, Md., fell $1.50 to close at $40.94 on the NYSE.