Roundup: GD, Lockheed, Allied Capital, CSC
From staff and wire reports
*Poor management by the Defense Department and General Dynamics has led to billions of dollars in cost overruns and years of delays for a key Marine Corps tank program, a congressional panel said. The House Committee on Oversight and Government Reform found that major development flaws have pushed up the cost of the Expeditionary Fighting Vehicle program by 168 percent per tank and pushed the production deadline back by eight years.
The Defense Department said it will acquire 593 of the amphibious assault vehicles from General Dynamics at a total cost of $13.2 billion, compared with an earlier projection of 1,025 tanks for $8.4 billion, according to a House Oversight Committee report.
*A $6 billion Lockheed Martin cruise-missile program marred by cost overruns and test failures survived a review to determine whether it should be terminated. Defense Undersecretary John J. Young Jr., the Pentagon's top weapons buyer, will send a letter to Congress certifying that the Joint Air-to-Surface Standoff Missile is vital to national security and should proceed, his deputy James Finley said.
*Computer Sciences Corp. of Falls Church said chief executive Michael W. Laphen has been named by President Bush to the President's National Security Telecommunications Advisory Committee. The panel advises Bush on national security and emergency preparedness communications policy.
*Allied Capital of the District said Joan M. Sweeney is to retire as chief operating officer at the end of the year. She will continue on Allied's board, the company said, and is expected to get a consulting deal with the firm.
In anticipation of Sweeney's departure, Robert D. Long will become head of asset management, John Fruehwirth will become deputy head of private finance, John Scheurer will become head of commercial real estate finance, and Michael Grisius and Daniel Russell will be vice chairmen of Allied's investment committee. All five are managing directors at Allied.
April 29, 2008; 7:01 PM ET
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