L-3 CEO Lanza Dies

Frank Lanza, the L-3 Communications(LLL) chief executive who led the company since its spinoff from Lockheed(LMT) 10 years ago, died suddenly on Tuesday.

According to a company release, the 74-year-old Lanza had been recovering "satisfactorily" from unspecified surgery. "His death was sudden and unexpected," the company said.

After serving as an executive with Loral and Lockheed, Lanza helped mastermind L-3's formation in 1997 and was chief executive of the defense contractor for its entire existence as a separate company. He was also a popular media presence, serving as a frequent business commentator on CNBC, among other outlets.

"There is no question that Frank Lanza has been one of the most visionary business leaders in the defense industry," said Robert Millard, L-3's lead director. "Frank worked to build Loral into a leading defense firm. Frank went on to co-found L-3, the fastest-growing high technology defense company in the world by acquiring a number of small and large businesses that he transformed into leaders in their niche markets."

L-3's board will meet Wednesday.

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