LOS ANGELES -- Northrop Grumman Corporation announced today that its board of directors has elected Albert F. Myers, corporate vice president and treasurer, to the new position of corporate vice president, strategy and technology. Myers, 57, will report to Ronald D. Sugar, who as previously announced, will become the company's chief executive officer effective April 1, 2003. The board also elected James L. Sanford to succeed Myers as corporate vice president and treasurer. Sanford currently is Northrop Grumman's vice president of contracts and pricing. In his new position, Sanford, 57, will report to Richard B. Waugh Jr., corporate vice president and chief financial officer. Both appointments are effective April 1, 2003. As corporate vice president of strategy and technology, Myers will focus on developing and capitalizing on new strategies for both the company overall and individual sectors. His organization will assume the business strategy and long range planning responsibilities of the company and he will become a member of the company's Corporate Policy Council. "Going forward, one of the company's greatest opportunities will be to marshal its full set of technologies and capabilities across the company," said Sugar. "Al's combination of operational and financial experience makes him ideally suited to take on this challenge." In his new position, Sanford will be responsible for all duties of the treasury, including cash management, risk management, capital markets, pension and savings investments, and trust management. He will also be responsible for execution of the company's merger and acquisition endeavors. "Jim's previous experience as assistant treasurer and his strong relationships with the banking community make him well suited for his new position," said Sugar. Al Myers Background As treasurer, Myers was instrumental in helping craft and in successfully implementing the company's mergers and acquisitions strategy that resulted in Northrop Grumman's well-balanced portfolio of defense-related businesses. Myers led 16 acquisitions since 1994, when he was elected to his current position as treasurer, positioning the company in anticipation of the technologies and capabilities necessary for 21st century warfare. A 22-year company veteran, Myers joined Northrop Grumman in 1981 as an engineering manager in what later became the B-2 Division, including positions as chief project engineer and deputy program manager for the B-2. Eventually, he oversaw all test activities for the B-2, including first flight of the B-2. From 1992 to 1994, Myers served as corporate vice president, business strategy, and was responsible for developing and monitoring the strategic and business elements of the company's M&A investments in defense. In recognition of those achievements, Thomson Financial awarded the 2001 M&A Corporate Officer of the Year to Myers. He is a recipient of the NASA Exceptional Service Medal and the 1981 Dryden Director's Award and was elected to the University of Idaho Alumni Hall of Fame in 1997. He served from 1989 through 1998 on the NASA Aeronautics Advisory Board and is a member of the board of directors of the Moog Corporation. Myers is a Licensed Professional Engineer and holds a Chartered Financial Analyst charter from the Association for Investment Management and Research. A native of Idaho, Myers received his engineering education at the University of Idaho earning his B.S. in 1969 and M.S. in 1971, both in mechanical engineering. His education in business and finance was at the Massachusetts Institute of Technology where he received a M.S. in industrial management as a Sloan Fellow in 1992. James L. Sanford Background An 18-year Northrop Grumman employee, Sanford has been vice president of contracts and pricing for the last six-and-a-half years, when he was responsible for companywide policy, direction and oversight of contracts and pricing matters, government cost accounting, and the administration of corporate restructuring proposals. In this position, he successfully settled the second largest U.S. Air Force mediation using an Alternative Dispute Resolution process, an achievement recognized by the U.S. Office of Management and Budget and the U.S. Department of Justice with a first-ever award presented in 2002. Previously, he was assistant treasurer and corporate director of Banking and International Finance for the company, where he was responsible for banking, cash management, credit matters, and the formulation and administration of procedures relating to international financing, customer financing proposals, leasing, guarantees, and foreign exchange. He arranged the financing for the acquisitions of Grumman Corporation, Vought Aircraft Company, and the Westinghouse Electronic Systems Group. Sanford joined the company in 1985 as a contracts and pricing manager in the B-2 Division. Prior to Northrop Grumman, he was in the Air Force where he held positions in aircraft maintenance, logistics, financial management and contracts. He is an appointed member of the board of visitors, Defense Acquisition University, and serves as the current chairman of the procurement and finance executive committee, Aerospace Industries Association. He received a Bachelor of Arts degree in Industrial Management from Michigan State University and a Master of Business Administration from Utah State University. Sanford is a Certified Professional Contracts Manager (CPCM-NCMA) and a Certified Cash Manager (CCM - Treasury Management Association).