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.
Frequently Asked Questions
Martin T. Stanislav has been appointed as the new Controller and Chief Accounting Officer (CAO) of Lockheed Martin Corporation.
Rajeev Bhalla resigned to accept a senior position with a division of United Technologies Corporation.
Mr. Stanislav has been with Lockheed Martin since 1998, holding roles such as Director of Accounting and Vice President and Controller of the Aeronautics business area. He is a CPA and previously worked at Ernst & Young, LLP.
Mr. Bhalla's resignation was effective March 7, 2005, and Mr. Stanislav's appointment is also effective as of March 7, 2005.