Grumman Chairman O'Brien Resigns, Cites Personal Reasons
Jul. 20, 1990
BETHPAGE, N.Y. (AP) _ Grumman Corp. Chairman John O'Brien has resigned and the defense contractor announced Thursday it had elected the company's technology chief to take over.
O'Brien, 60, resigned as chairman, president, chief executive officer and board member. According to a press release, O'Brien, a 35-year veteran of the company, cited personal reasons. A company spokesman would not elaborate.
O'Brien will be available to help in the transition, the company said.
Taking his place will be Renso Caporali, 57, the vice chairman for technology. Although the board elected him to the three posts, the board is reviewing candidates for the jobs, including Caporali, said W.B. Jones, a Grumman spokesman.
''My job will be to maintain the course we've set, which includes restructuring the company into a more efficient and cost-competitive form,'' Caporali said.
Grumman reported a 22 percent drop in net income for 1989 and said it planned to cut 1,000 jobs by the end of 1990. The cuts come on top of 3,000 work force cuts in 1989 that left the defense contractor with 28,900 employees.
Caporali has been with Grumman for 31 years. As vice chairman for technology, he oversaw research and development, engineering and advanced systems.