Northrop Gumman Corp. announced on Thursday that it has promoted its chief financial officer Wesley Bush to the post of president, assisting the current chief executive officer Ronald Sugar.

In his new role, Bush will assist Sugar in overseeing the company's operations and will also help in future strategic development.

Wes Bush is a highly capable executive and Northrop Grumman is extremely fortunate to have an individual with his leadership capabilities and experience, said Sugar, adding he has done an outstanding job as chief financial officer,

Bush will assume his role as soon as a successor for the position of CFO is found, Northrop said in a statement.

Bush joined Northrop Grumman in 2002 as part of the acquisition of TRW, Inc., where he was the president of TRW Aeronautical Systems.

Los Angeles-based Northrop Grumman employs over 125,000 employess, is the nation's third-largest defense contractor and largest shipbuilder.

Northrop stock was down 3 cents at $65.75 in afternoon trading on the New York Stock Exchange.