NOC Northrop Grumman Corp Holding Co

LOS ANGELES, July 25 /PRNewswire-FirstCall/ -- Northrop Grumman Corporation (NYSE:NOC) announced today that its board of directors has elected Mark Rabinowitz corporate vice president and treasurer, succeeding James L. Sanford, who will retire at the end of the year. A photo accompanying this release is available at http://media.primezone.com/noc Rabinowitz, 46, will assume his new position on Aug. 1, 2007. He will report to James F. Palmer, Northrop Grumman corporate vice president and chief financial officer. As treasurer, Rabinowitz will be responsible for all duties of the corporate treasury, including cash management, insurance and risk management, capital markets, capital structure, bank relationships, and the execution of merger, acquisition and divestiture transactions. "Mark's experience as assistant treasurer, his strong relationships with the banking community and his strategic support of company operations will serve him well in his new role," said Palmer. Rabinowitz currently serves as vice president and assistant treasurer, with responsibility for the development and implementation of Northrop Grumman's capital deployment strategy including dividends and share repurchase programs. He previously was corporate director and assistant treasurer of banking and capital markets from 2003 to 2006. Rabinowitz joined Northrop Grumman in 1982 and has held several management positions including director of contracts and pricing in the company's Airborne Ground Surveillance and Battle Management Systems business area. He earned a bachelor's degree in economics and government from Cornell University and attended the Program for Management Development at Harvard Business School. Sanford, who joined Northrop Grumman in 1985, will remain with the company as a corporate vice president until his year-end retirement. During his tenure as treasurer, the company initiated an integrated capital structure plan that improved the company's credit ratings, reduced its debt, increased shareholder dividends and led to a significant share repurchase program. "Jim Sanford played a key leadership role during a period of rapid growth and change for this company," said Palmer. "We congratulate him for all his accomplishments and thank him for his many contributions as treasurer." Northrop Grumman Corporation is a $30 billion global defense and technology company whose 120,000 employees provide innovative systems, products, and solutions in information and services, electronics, aerospace and shipbuilding to government and commercial customers worldwide. DATASOURCE: Northrop Grumman Corporation CONTACT: Tom Henson of Northrop Grumman Corporation, +1-310-201-3458, Web site: http://www.northropgrumman.com/

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