Who is Ilene S. Gordon and what is her background?

Ilene S. Gordon is the newly elected director of Lockheed Martin Corporation. She is a seasoned executive, having served as Chairman, President, and CEO of Ingredion Incorporated since May 2009. Her career also includes leadership positions at Rio Tinto's Alcan Packaging and Tenneco Inc., and she has board experience with companies like International Paper and Arthur J. Gallagher & Co.

What is the significance of Ms. Gordon being an "independent director" and an "audit committee financial expert"?

Her designation as an "independent director" means she meets strict criteria set by the New York Stock Exchange and the SEC, indicating she has no material relationship with Lockheed Martin other than her board service. Being an "audit committee financial expert" signifies that the Board believes she possesses a deep understanding of accounting principles and financial reporting, which is crucial for overseeing the company's financial statements and internal controls.

On which committees will Ms. Gordon serve?

Ms. Gordon has been appointed to serve on three key committees of the Board of Directors: the Audit Committee, the Nominating and Corporate Governance Committee, and the Ethics and Sustainability Committee.

How will Ms. Gordon be compensated for her board service?

Ms. Gordon will receive the corporation's standard compensation for non-employee directors, prorated for the remainder of 2016. This compensation typically includes equity grants made in early July and cash fees. She is also eligible to defer her compensation, and her service will be covered by the standard director indemnification agreement.

LMT 8-K: Leadership Changes

Summary

Lockheed Martin Corporation (LMT) announced a minor change to its Board of Directors structure through an 8-K filing on June 23, 2016. The company increased the size of its board from eleven to twelve members and appointed Ilene S. Gordon as a new director, effective immediately. Ms. Gordon's appointment is significant as she is deemed an independent director and an audit committee financial expert, meeting stringent NYSE and SEC requirements. Ms. Gordon brings extensive leadership experience, most recently as Chairman, President, and CEO of Ingredion Incorporated. Her background also includes senior roles at Rio Tinto's Alcan Packaging and Tenneco Inc., as well as current and former board memberships at notable companies like International Paper and Arthur J. Gallagher & Co. Her addition is expected to strengthen the board's expertise, particularly in areas related to financial oversight and corporate governance.

Key Highlights

1Lockheed Martin Corporation elected Ilene S. Gordon to its Board of Directors on June 23, 2016.
2The Board's size was increased from eleven to twelve directors to accommodate the new appointment.
3Ms. Gordon has been designated as an "independent director" by the Board, meeting NYSE and SEC standards.
4She also meets the SEC's criteria for an "audit committee financial expert."
5Ms. Gordon's extensive executive experience includes her role as Chairman, President, and CEO of Ingredion Incorporated.
6She will serve on the Audit, Nominating and Corporate Governance, and Ethics and Sustainability Committees.
7Ms. Gordon will receive standard, pro-rated compensation for non-employee directors for 2016.

LOCKHEED MARTIN CORP 8-K Report, Executive Changes (Jun 23, 2016)

Summary

Key Highlights

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