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Industry · Primes

General Dynamics names Danny Deep CEO as Novakovic moves to executive chairman

Deep, the company's president, takes over on Jan. 1, 2027, from Novakovic, CEO since 2013.

General Dynamics' board chose a 25-year company veteran whose two promotions in 2025 took him from running one business group to a companywide brief.1–4 Novakovic will move from chairman and CEO to executive chairman of the board when Deep takes over a company that generated $52.6 billion in revenue in 2025.1–2

GD announced its board elected Danny Deep CEO

Deep will succeed Phebe Novakovic, who will transition to executive chairman

Danny DeepChief Executive Officerplanned

effective January 1, 2027

Phebe N. NovakovicExecutive Chairmanplanned

after serving as CEO since 2013

President of the Company since December 2025

Source: General Dynamics release and Form 8-K, Oct. 7, 2026

Sources
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Deep was president of General Dynamics Land Systems from April 2020 to April 2024, then executive vice president of Combat Systems.2 In June 2025, GD made him executive vice president of Global Operations, and Novakovic said he would "focus on improving operating performance across each of the company's business units."3 He became president that December and joined the board on Aug. 5, 2026.2, 4

The company Deep will run has a second leadership change under way, at General Dynamics Information Technology (GDIT). On Oct. 2, GD said Amy Gilliland, GDIT's president since 2017, is no longer with the company. Paul Nedzbala, GDIT's senior vice president and chief business officer, was appointed acting president.5

The next appointment to watch is a permanent GDIT president: Novakovic said Nedzbala will serve "in an interim capacity until a new GDIT president is named."5 At the top, neither GD's Oct. 7 release nor its 8-K says what the executive chairman role will cover or how Novakovic and Deep will divide the work from Jan. 1.1–2

Sources (5)
  1. General Dynamics: Deep Elected CEO of General Dynamics, Novakovic to Executive Chairman (Oct. 7, 2026) www.gd.com
  2. General Dynamics, Form 8-K, Item 5.02 (Oct. 7, 2026) www.sec.gov
  3. General Dynamics: General Dynamics Announces Personnel Moves (June 4, 2025) www.gd.com
  4. General Dynamics: General Dynamics Announces Personnel Move (Dec. 5, 2025) www.gd.com
  5. General Dynamics: Nedzbala appointed interim president of GDIT (Oct. 2, 2026) www.gd.com
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Industry

General Dynamics' Marine Systems backlog more than doubles to $146.9 billion

Large submarine orders drove defense bookings, while most of the Marine Systems backlog increase was unfunded.

General Dynamics' Marine Systems backlog more than doubled in the third quarter of 2026. It reached $146.9 billion, up from $65.2 billion at the end of the preceding quarter. The segment accounted for about 97% of the company's sequential backlog increase.1

General Dynamics' unfunded Marine Systems backlog rises

Unfunded Marine Systems backlog, USD millions, quarter-end 2026

22,826End of Q2 2026
99,576End of Q3 2026

General Dynamics, third-quarter 2026 results release via PR Newswire. As of Oct. 30, 2026.

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General Dynamics attributed its $93.8 billion in quarterly defense-segment orders to large Marine Systems orders for Virginia- and Columbia-class submarines in its Oct. 30 results release. Defense orders were 8.5 times defense-segment revenue for the quarter.1

Marine Systems revenue rose 21.1% from the year-earlier quarter. Operating margin widened to 7.9% from 7.1%.1

About 94% of Marine Systems' backlog increase was unfunded. Funded backlog increased by $4.93 billion. The results release gives no funding timetable for the submarine orders.1

Sources (1)
  1. General Dynamics Reports Third-Quarter 2026 Financial Results, PR Newswire, Oct. 30, 2026 www.prnewswire.com
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Capital

Firehawk raises more than $150 million to expand rocket propulsion production

The Series D will support manufacturing expansion in Oklahoma and Mississippi, with the Lawton propellant plant expected to commission in early 2027.

Firehawk Defense raised more than $150 million in a Series D co-led by Rochefort Asset Management and Advent International, Rochefort announced Oct. 29. The Dallas company produces solid rocket motor propellant and Hydra-70 rocket motors and is developing 155mm artillery base bleed motors.1

Firehawk's Series D will support propulsion manufacturing expansion

Financing and expected Lawton output, announced Oct. 29, 2026

More than $150 millionFirehawk Series D financing
740,000 pounds per yearExpected Lawton propellant output

Rochefort said the Lawton plant is expected to commission in early 2027. Series D proceeds will support continued build-out at Lawton and Crawford.

Source: Rochefort Asset Management release. As of Oct. 29, 2026.

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Rochefort said the proceeds will fund continued expansion of Firehawk's Lawton, Oklahoma, production facility and Crawford, Mississippi, missile integration facility, and accelerate production for U.S. and allied customers. Firehawk Chief Executive Officer Will Edwards described the financing as a transition from proving the company's technology to producing it at scale.1

The investment follows a senior secured loan Rochefort provided in April 2026.1 Defense One reported that the round valued Firehawk at more than $1.4 billion.2

Firehawk holds a U.S. Air Force solid rocket motor development contract. Rochefort reported that Firehawk completed a Hydra-70 live-fire test in August 2026 following a U.S. Army Other Transaction Authority award. The announcement gave no dollar values or unit quantities for either agreement.1

A teaming arrangement with General Dynamics Ordnance and Tactical Systems positions Firehawk to supply base bleed motors for international demand, with a parallel path to U.S. qualification, Rochefort said.1

The financing supports facilities at different stages: Crawford is operational and integrating Hydra-70 rockets, while Rochefort said the Lawton propellant plant is expected to commission in early 2027. The plant is expected to produce 740,000 pounds of thermoplastic propellant annually, with installed capacity scalable to more than 3.1 million pounds.1

Sources (2)
  1. Rochefort Asset Management release, PR Newswire, Oct. 29, 2026 www.prnewswire.com
  2. Defense Business Brief, Defense One, Oct. 29, 2026 www.defenseone.com
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