General Dynamics has announced CEO Nicholas Chabraja will stand down as CEO next year, inline with his employment contract.

Chabraja will remain as chairman until May 2010.

He has been CEO since 1997.

He will be replaced by Jay Johnson, current CEO and Executive Vice-President of Dominion Virginia Power on 1 July 2009.

Prior to assuming the role as CEO, Johnson will serve as Vice-Chairman from 2 September.

By staff writer