Lockheed Martin Corp (NYSE: LMT) has offered buyouts to several of its top executives, hoping they will take early retirement as a means of reducing overhead.
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The cost-cutting move would involve top executives at the director and vice president levels, offering them financial incentives to retire by Feb. 1, 2011. Lockheed did not reveal what those financial incentives would include.
In addition to offering early retirement packages to cut costs Lockheed has said it would reduce its participation at international trade shows. They have already sold business units and undergone a business reorganization.
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