Lockheed Martin chief operating officer Peter Teets will retire from the company and resign from the firm's board of directors. Chief executive Vance Coffman will assume COO duties while the company searches for a replacement. Separately, Lockheed Martin said third-quarter profits from operations fell to $182 million, or 48 cents per share, from net income of $318 million, or 83 cents per share a year ago. Sales fell 3 percent to $6.16 billion from $6.35 billion a year ago. In June, the defense contractor and telecommunications manufacturer warned that profit this year and the next would fall under expectations.