Johnson to retire from GD

Falls Church, Va. - The board of directors of General Dynamics announced Wednesday that Jay L. Johnson, chairman and chief executive officer, will retire on Dece. 31.

Johnson, 66, said, "The company is on an excellent financial footing, our operational performance is unmatched and our leadership team is very robust. This is the right time to transition," Johnson said.

Among the most significant operational achievements during Johnson's tenure was the design and delivery of the revolutionary double-V hull Stryker combat vehicle for the U.S. Army, which provides unparalleled protection to soldiers. Johnson, the former Chief of Naval Operations and Navy fighter pilot, also oversaw commencement of two-per-year production of Virginia-class attack submarines, and the final development of two new aircraft for the world-leading Gulfstream family of business jets: the ultra-long-range Gulfstream G650 and the super mid-sized Gulfstream G280. Both aircraft are scheduled to enter service this year.

The board of directors has selected Phebe N. Novakovic, 54, to succeed Johnson as chairman and chief executive officer on Jan. 1.