Kent Kresa
Encyclopedia
Kent Kresa is an American businessman. Formerly, he was Chairman and CEO of Northrop Grumman
, as well as Chairman of General Motors
and has worked with the Defense Advanced Research Project Agency (DARPA), the Lincoln Laboratory at M.I.T, Avery Dennison
, the Fluor Corporation, and the MannKind Corporation
. Before being appointed as interim chairman of General Motors as a result the decisions made by President Barack Obama
, Kresa served on the board.
. He has B.S., M.S., and E.A.A. degrees from Massachusetts Institute of Technology
in aeronautics and astronautics and received an honorary doctorate of laws degree from Pepperdine University
in 2003.
defense research and reentry technology. Kresa then joined the Northrop Grumman in 1975 and then was Chairman in 1987 and became CEO in 1990.
When Kresa took over Northrop Grumman
, he transformed the company which like GM was on the brink of extinction.
In a 2002 Los Angeles Times interview, when the company was on the verge of closing, Kresa was quoted saying, "We could just go out of business and give money back to our shareholders or we could reinvent ourselves...It became clear to us we could take the latter path."
Under Kresa's control, Northrop Grumman was transformed resulting in the acquisition of 16 companies including TRW
and the Space Park in Redondo Beach, California
. Overall, Northrop went from an annual revenue of $5 billion to $28 billion during the time of the Gulf War
. Kresa retired from head of Northrop in 2003.
On November 3, 2003, the Carlyle Group hired Kresa as a Senior Advisor to its aerospace and defense group.
Kresa commented on his hiring by stating, “I’ve known the Carlyle executives for many years and have an abiding respect for their approach and judgment. For years, Carlyle has played a significant role in the aerospace and defense market. Carlyle has a straightforward approach to its business and delivers on its promises. I’m delighted to be associated with them.”
He was named the Chairman of GM on March 30, 2009 after Rick Wagoner
, the Chairman and CEO of GM was ordered to resign by U.S. President Barack Obama. In an interview in 2008, he was asked if he thought that bailout money should come with a requirement that Wagoner be ousted. He replied "...And we're going to have to look at whatever the demands are from the individual who's bringing the money. But I don't think it's reasonable." Kresa was replaced as Chairman by former AT&T
CEO Ed Whitacre on July 10, 2009.
Northrop Grumman
Northrop Grumman Corporation is an American global aerospace and defense technology company formed by the 1994 purchase of Grumman by Northrop. The company was the fourth-largest defense contractor in the world as of 2010, and the largest builder of naval vessels. Northrop Grumman employs over...
, as well as Chairman of General Motors
General Motors
General Motors Company , commonly known as GM, formerly incorporated as General Motors Corporation, is an American multinational automotive corporation headquartered in Detroit, Michigan and the world's second-largest automaker in 2010...
and has worked with the Defense Advanced Research Project Agency (DARPA), the Lincoln Laboratory at M.I.T, Avery Dennison
Avery Dennison
Avery Dennison Corporation is a global manufacturer and distributor of pressure sensitive adhesive materials , office products, and various paper products....
, the Fluor Corporation, and the MannKind Corporation
MannKind Corporation
MannKind Corporation , based in Valencia, California, is a biopharmaceutical company focusing on the discovery, development, and commercialization of therapeutic products for diseases such as diabetes and cancer. The company, while technically founded in February 1991, took its present form in 2003...
. Before being appointed as interim chairman of General Motors as a result the decisions made by President Barack Obama
Barack Obama
Barack Hussein Obama II is the 44th and current President of the United States. He is the first African American to hold the office. Obama previously served as a United States Senator from Illinois, from January 2005 until he resigned following his victory in the 2008 presidential election.Born in...
, Kresa served on the board.
Education
Kresa was born in New York City, NY; his father was the songwriter Helmy KresaHelmy Kresa
Helmy Kresa, was a songwriter and the principal arranger and orchestrator for Irving Berlin.Kresa wrote "That's My Desire," which Frankie Laine and Louis Armstrong recorded...
. He has B.S., M.S., and E.A.A. degrees from Massachusetts Institute of Technology
Massachusetts Institute of Technology
The Massachusetts Institute of Technology is a private research university located in Cambridge, Massachusetts. MIT has five schools and one college, containing a total of 32 academic departments, with a strong emphasis on scientific and technological education and research.Founded in 1861 in...
in aeronautics and astronautics and received an honorary doctorate of laws degree from Pepperdine University
Pepperdine University
Pepperdine University is an independent, private, medium-sized university affiliated with the Churches of Christ. The university's campus overlooking the Pacific Ocean in unincorporated Los Angeles County, California, United States, near Malibu, is the location for Seaver College, the School of...
in 2003.
Career
Kent Kresa's career began when he was employed by the top-secret Defense Advanced Research Projects Agency, where he was responsible for broad, applied research and development programs in the tactical and strategic defense arena. Then from 1961-68, Kresa was associated with the Lincoln Laboratory at the Massachusetts Institute of Technology (M.I.T.), where he worked on ballistic missileBallistic missile
A ballistic missile is a missile that follows a sub-orbital ballistic flightpath with the objective of delivering one or more warheads to a predetermined target. The missile is only guided during the relatively brief initial powered phase of flight and its course is subsequently governed by the...
defense research and reentry technology. Kresa then joined the Northrop Grumman in 1975 and then was Chairman in 1987 and became CEO in 1990.
When Kresa took over Northrop Grumman
Northrop Grumman
Northrop Grumman Corporation is an American global aerospace and defense technology company formed by the 1994 purchase of Grumman by Northrop. The company was the fourth-largest defense contractor in the world as of 2010, and the largest builder of naval vessels. Northrop Grumman employs over...
, he transformed the company which like GM was on the brink of extinction.
In a 2002 Los Angeles Times interview, when the company was on the verge of closing, Kresa was quoted saying, "We could just go out of business and give money back to our shareholders or we could reinvent ourselves...It became clear to us we could take the latter path."
Under Kresa's control, Northrop Grumman was transformed resulting in the acquisition of 16 companies including TRW
TRW
TRW Inc. was an American corporation involved in a variety of businesses, mainly aerospace, automotive, and credit reporting. It was a pioneer in multiple fields including electronic components, integrated circuits, computers, software and systems engineering. TRW built many spacecraft,...
and the Space Park in Redondo Beach, California
Redondo Beach, California
Redondo Beach is one of the three Beach Cities located in Los Angeles County, California, United States. The population was 66,748 at the 2010 census, up from 63,261 at the 2000 census. The city is located in the South Bay region of the greater Los Angeles area.Redondo Beach was originally part of...
. Overall, Northrop went from an annual revenue of $5 billion to $28 billion during the time of the Gulf War
Gulf War
The Persian Gulf War , commonly referred to as simply the Gulf War, was a war waged by a U.N.-authorized coalition force from 34 nations led by the United States, against Iraq in response to Iraq's invasion and annexation of Kuwait.The war is also known under other names, such as the First Gulf...
. Kresa retired from head of Northrop in 2003.
On November 3, 2003, the Carlyle Group hired Kresa as a Senior Advisor to its aerospace and defense group.
Kresa commented on his hiring by stating, “I’ve known the Carlyle executives for many years and have an abiding respect for their approach and judgment. For years, Carlyle has played a significant role in the aerospace and defense market. Carlyle has a straightforward approach to its business and delivers on its promises. I’m delighted to be associated with them.”
He was named the Chairman of GM on March 30, 2009 after Rick Wagoner
Rick Wagoner
George Richard "Rick" Wagoner, Jr. is an American businessman and former Chairman and Chief Executive Officer of General Motors. Wagoner resigned as Chairman and CEO at General Motors on March 29, 2009, at the request of the White House...
, the Chairman and CEO of GM was ordered to resign by U.S. President Barack Obama. In an interview in 2008, he was asked if he thought that bailout money should come with a requirement that Wagoner be ousted. He replied "...And we're going to have to look at whatever the demands are from the individual who's bringing the money. But I don't think it's reasonable." Kresa was replaced as Chairman by former AT&T
AT&T
AT&T Inc. is an American multinational telecommunications corporation headquartered in Whitacre Tower, Dallas, Texas, United States. It is the largest provider of mobile telephony and fixed telephony in the United States, and is also a provider of broadband and subscription television services...
CEO Ed Whitacre on July 10, 2009.