Summary
This 8-K filing from Lockheed Martin Corporation (LMT) on September 28, 2007, primarily reports on the compensation adjustments for Bruce L. Tanner following his promotion to Executive Vice President and Chief Financial Officer. This event underscores internal organizational changes and the company's commitment to incentivizing key leadership. Investors should note the specific salary increase and the revised target bonus percentage, which reflects the importance placed on his role and the company's performance-driven compensation philosophy. The details indicate a base salary increase to $500,000 and a target annual bonus percentage of 75% of base salary. The bonus calculation methodology, tied to base salary, corporate performance, and individual performance, is consistent with the company's established incentive plans. While this filing is procedural, it provides insight into how LMT manages executive compensation and aligns it with strategic leadership appointments.
Key Highlights
- 1Lockheed Martin Corporation's Board of Directors approved compensation changes for Bruce L. Tanner.
- 2Mr. Tanner's base salary was increased to $500,000.
- 3The salary increase is in recognition of his promotion to Executive Vice President and Chief Financial Officer.
- 4The target percentage for Mr. Tanner's annual bonus under the Management Incentive Compensation Plan (MICP) was increased to 75% of his base salary.
- 5MICP bonuses are calculated based on base salary, corporate performance factor, and individual performance factor.
- 6The filing date was September 28, 2007, reporting on events from September 27, 2007.