8-KLeadership ChangesExhibits & Filings

LOCKHEED MARTIN CORP 8-K Report, Executive Changes (Jun 27, 2018)

Filed June 27, 2018For Securities:LMT

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.

Frequently Asked Questions

Vicki A. Hollub is the President and Chief Executive Officer of Occidental Petroleum Corporation, an international oil and gas exploration and production company. She has been CEO since April 2016 and on Occidental's Board since 2015. She has over 30 years of experience in various management and technical roles within Occidental Petroleum.

Ms. Hollub will serve on the Management Development and Compensation Committee and the Nominating and Corporate Governance Committee of Lockheed Martin's Board of Directors.

Ms. Hollub will receive the corporation's standard compensation for non-employee directors, which includes equity grants made under the company's directors' equity plan. She is also eligible for the Directors Deferred Compensation Plan, allowing her to defer cash fees into investment options or company stock.

Ms. Hollub's appointment adds significant executive leadership and industry expertise to Lockheed Martin's Board. Her role on the Compensation and Nominating/Governance committees suggests a focus on strategic oversight, executive development, and corporate governance practices.