General Dynamics – GD – Declares Dividend, Authorizes Share Repurchases

The board of directors of General Dynamics (NYSE: GD) declared a regular quarterly dividend of 51 cents per share on the company’s common stock, payable August 10, 2012, to shareholders of record at the close of business on July 6.

The board also authorized management to repurchase 10 million shares of the company’s issued and outstanding common stock on the open market.

The board of directors of General Dynamics announced that Jay L. Johnson, chairman and chief executive officer, has advised them of his intention to retire from those positions on December 31, 2012.

Johnson, who turned 66 this week, said, “When I accepted the board’s invitation to become CEO of General Dynamics, my objectives were to extend the corporation’s history of excellent performance, enhance the relevance of the products and services we deliver to our customers and continue the development of a strong group of well-qualified executives who would be ready to lead the company into a new era.

“I have met those objectives – the company is on an excellent financial footing, our operational performance is unmatched and our leadership team is very robust. This is the right time to transition,” Johnson said.

Among the most significant operational achievements during Johnson’s tenure was the design and delivery of the revolutionary double-V hull Stryker combat vehicle for the U.S. Army, which provides unparalleled protection to soldiers. Johnson, the former Chief of Naval Operations and Navy fighter pilot, also oversaw commencement of two-per-year production of Virginia-class attack submarines, and the final development of two new aircraft for the world-leading Gulfstream family of business jets: the ultra-long-range Gulfstream G650 and the super mid-sized Gulfstream G280. Both aircraft are scheduled to enter service this year.

James S. Crown, lead director on the corporation’s board, expressed the board’s sincere gratitude for Johnson’s service to General Dynamics since he joined the board in 2003. “Jay has provided strong leadership, guidance and service to our board, the corporation, its shareholders and the country. We are most grateful to him,” Crown said.

About General Dynamics – GD

General Dynamics (GD), headquartered in Falls Church, Virginia, employs approximately 93,000 people worldwide. GD is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies.

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Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.