Summary
Lockheed Martin Corporation (LMT) announced a key addition to its Board of Directors, electing Vicki A. Hollub as an independent director, effective July 2, 2018. Ms. Hollub brings extensive executive experience, currently serving as President and CEO of Occidental Petroleum Corporation. Her appointment is significant as she will contribute to the Management Development and Compensation Committee and the Nominating and Corporate Governance Committee, indicating a focus on strategic oversight and governance. This move signals Lockheed Martin's commitment to strengthening its board with diverse leadership and industry expertise. Investors can view Ms. Hollub's proven track record in a complex industry like energy as a positive indicator for continued robust corporate governance and strategic decision-making within Lockheed Martin. Her compensation will align with the company's standard practices for non-employee directors, incorporating equity grants and deferred compensation options.
Key Highlights
- 1Vicki A. Hollub elected to the Board of Directors, effective July 2, 2018.
- 2Ms. Hollub is an independent director as per NYSE, SEC, and company guidelines.
- 3Ms. Hollub currently serves as President and CEO of Occidental Petroleum Corporation.
- 4She will serve on the Management Development and Compensation Committee.
- 5She will also serve on the Nominating and Corporate Governance Committee.
- 6Ms. Hollub has over 30 years of experience in the oil and gas industry.
- 7Her compensation will be in line with standard director compensation packages, including equity and deferred compensation plans.