Posted: Sat, Nov 10, 2012, 7:45 AM ET (1245 GMT)
The man tapped to be the next CEO of aerospace giant Lockheed Martin abruptly resigned late Friday afternoon after he confirmed he had an affair. Christopher Kubasik, the vice chairman, president, and COO of the company, was to become CEO in January, replacing the retiring Robert Stevens. However, the company said in a statement that Kubasik violated the company's ethics code by having "a close personal relationship with a subordinate employee." Marillyn Hewson, the executive vice president of the company's Electronic Systems unit who was to succeed Kubasik as COO, was named president and CEO on Friday and will become CEO in January. Stevens said the incident was a "temporary distraction" that would not have a long-term effect on the company.

Related Links:

•  Reuters article
•  Wall Street Journal article
•  Bloomberg News article
•  CNNMoney article
•  Lockheed Martin press release