Lockheed sees savings from executive buyouts

WASHINGTON (Reuters) - Lockheed Martin Corp (LMT.N) Chief Executive Robert Stevens said he expects "substantial savings" from the company's voluntary buyout plan for certain executives.

The plan, under which Lockheed is offering buyout packages to employees who hold jobs at the director and vice president level, will cut overhead costs and management layers and give younger workers opportunities to take on broader assignments, Stevens told the Reuters Aerospace and Defense Summit in Washington on Tuesday.

"Hundreds of executives will be involved, percentages will be substantial, the cost reduction will be substantial," he said.

The program will also offer "significant benefits" on costs and affordability, he said.

(Reporting by Karen Jacobs, Andrea Shalal-Esa and Deepa Seetharaman; editing by John Wallace)