GENERAL DYNAMICS TO CUT VA. STAFF

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, March 19, 1993                   TAG: 9303190295
SECTION: BUSINESS                    PAGE: B11   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short
GENERAL DYNAMICS TO CUT VA. STAFF
William A. Anders, the former astronaut who in two years turned General Dynamics Corp. from a money-losing defense giant into a cash bonanza for its stockholders, Thursday said he was stepping down as chief executive.
At the same time, the company said it will trim 80 percent of its Falls Church headquarters staff and distribute $600 million, or $20 a share, to stockholders next month, most of it tax-free.
Under Anders, General Dynamics has responded to declining Pentagon budgets by selling off its missile and aircraft divisions to competitors and returning the proceeds to its shareholders. The result, Anders has argued, is a more efficient defense industry, and General Dynamics stockholders have seen the value of their shares more than quadruple.
The company is expected to send another $900 million back to shareholders by the end of the year through special dividends or stock repurchases.
"I was asked to turn this company around and we did just that by lowering costs," Anders said. "Frankly, if more CEOs were willing to do that and work themselves out of a job, we'd all be better off." - Washington Post

by Archana Subramaniam by CNB