Summary
Lockheed Martin Corporation (LMT) announced a key executive change via an 8-K filing on August 12, 2014. Brian P. Colan, previously Vice President and Controller for Missiles and Fire Control, has been appointed as the new Vice President, Controller, and Chief Accounting Officer, effective August 18, 2014. In this role, Mr. Colan will assume responsibility as the Corporation's principal accounting officer and will report directly to the Chief Financial Officer. This appointment signifies a transition in leadership for critical financial reporting and accounting functions. The company also detailed that Mr. Colan's compensation package has been adjusted to align with his new, expanded responsibilities, consistent with LMT's executive compensation philosophy. The filing also notes the departure of the previous Chief Accounting Officer, Christopher J. Gregoire, who will transition to a new role within the Mission Systems and Training Business Segment.
Key Highlights
- 1Appointment of Brian P. Colan as Vice President, Controller, and Chief Accounting Officer, effective August 18, 2014.
- 2Mr. Colan will serve as the principal accounting officer of Lockheed Martin Corporation.
- 3Mr. Colan will report to Bruce L. Tanner, Executive Vice President and Chief Financial Officer.
- 4The appointment follows the departure of Christopher J. Gregoire from the Chief Accounting Officer role.
- 5Mr. Gregoire will remain with LMT, moving to Vice President, Finance and Business Operations for the Mission Systems and Training Business Segment.
- 6Mr. Colan's compensation, including base salary and target annual incentive, has been increased to reflect his new role.
- 7Compensation adjustments are based on LMT's executive compensation philosophy, targeting 85% of market rate for executives new to their roles.