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Lockheed Martin Tackles Affordability: Lockheed Martin Chairman and CEO Bob Stevens said Tuesday the company has made more than $500 million in cost reductions by consolidating facilities, divesting two businesses, reducing the senior employee ranks by 26 percent, and freezing executives salaries. Although continued cost reductions and affordability will remain one of the company's top priorities, he cautioned that those savings will be manifested in all the company's programs over the long term. "We'll see those savings over time," Stevens told reporters during a briefing in Arlington, Va. "There is not one dimension to affordability. You won't see an effect in one quarter or in a year. You will see the effect of that affordability long term."