Vance Coffman, CEO of Lockheed Martin Corp. [LMT], has decided to retire from the company this summer after devoting the last 37 years to it. He made his surprise announcement at the Lockheed’s annual meeting last week, reportedly prompted by private discussions with his family during last year’s Christmas holidays. He will remain on Lockheed’s board, but Robert Stevens, the company’s president and COO, will occupy his office as of Aug. 6.

In a written statement following the annual meeting, Coffman said, “Serving Lockheed Martin and its customers has been a great experience for me both professionally and personally.”