Summary
Lockheed Martin Corporation (LMT) filed an 8-K on November 23, 2004, to announce significant changes in its board of directors and leadership succession. Vance D. Coffman, the current chairman, will retire from the board in April 2005, concluding his tenure after serving as chairman since 1998 and CEO earlier that year. Concurrently, Robert J. Stevens, who recently took over as President and CEO in August 2004, is slated to become the chairman of the board upon Dr. Coffman's retirement. In addition to these leadership transitions, the filing also notes the upcoming retirement of Norman R. Augustine from the board in April 2005, who has a long history with the company, including prior roles as chairman and CEO. To fill a board vacancy, Lockheed Martin has elected James O. Ellis, Jr., a retired U.S. Navy Admiral with extensive command experience, including leading the U.S. Strategic Command. Mr. Ellis's appointment brings valuable strategic and command expertise to the board.
Key Highlights
- 1Vance D. Coffman, current Chairman of the Board, will retire from the board in April 2005.
- 2Robert J. Stevens, currently President and CEO, is intended to be elected Chairman of the Board in April 2005.
- 3Norman R. Augustine, a long-serving board member, will also retire from the board in April 2005.
- 4James O. Ellis, Jr., retired Commander of U.S. Strategic Command, has been elected as a new member of the board of directors.
- 5Mr. Ellis's appointment brings significant military strategic command and aerospace engineering experience to the board.
- 6These changes reflect a planned leadership transition following Robert J. Stevens' recent appointment as CEO in August 2004.