Summary
Lockheed Martin Corporation (LMT) filed an 8-K on March 7, 2005, reporting a significant change in its principal accounting officer. Martin T. Stanislav has been appointed as the new Controller and Chief Accounting Officer (CAO), succeeding Rajeev Bhalla. Mr. Bhalla resigned to pursue a senior role at a division of United Technologies Corporation. This leadership change in a key financial role may warrant investor attention regarding the continuity of financial reporting and internal controls.
Key Highlights
- 1Martin T. Stanislav appointed as Controller and Chief Accounting Officer (CAO) effective March 7, 2005.
- 2Rajeev Bhalla resigned as Controller and CAO on March 4, 2005.
- 3Mr. Bhalla is leaving to take a senior position with a division of United Technologies Corporation.
- 4Mr. Stanislav was previously Vice President and Controller of LMT's Aeronautics business area.
- 5Mr. Stanislav joined Lockheed Martin in 1998 and has held various financial leadership roles.
- 6Mr. Stanislav is a Certified Public Accountant (CPA) and began his career at Ernst & Young, LLP.
- 7The report is filed under Item 5.02(b) and (c) concerning director and principal officer changes.