On retiring from Lockheed Martin in August 1997, he joined the faculty of the Princeton University School of Engineering and Applied Science, where he served as lecturer with the rank of professor until July 1999. He served as president of Lockheed Martin Corporation on the formation of that firm in 1995 and became its CEO in January 1996 and later chairman. Joining Martin Marietta Corporation in 1977 as vice president of technical operations, he was elected as CEO in 1987 and chairman in 1988, having previously been President and COO. In 1973, he returned to the government as assistant secretary of the Army and in 1975 became under secretary of the Army and later acting secretary of the Army. He joined LTV Missiles and Space Company in 1970, serving as vice president, advanced programs and marketing. Beginning in 1965, he served in the Office of the Secretary of Defense as assistant director of defense research and engineering. In 1958, he joined the Douglas Aircraft Company in California, where he worked as a research engineer, program manager, and chief engineer. Augustine chaired the National Academy of Sciences, National Academy of Engineering, Institute of Medicine committee that developed the report Rising Above the Gathering Storm: Energizing and Employing America for a Brighter Economic Future.
He was elected to Phi Beta Kappa, Tau Beta Pi, and Sigma Xi. AUGUSTINE was raised in Colorado and attended Princeton University, where he graduated with a BSE in aeronautical engineering, magna cum laude, and an MSE.