Summary
Lockheed Martin Corporation (LMT) announced a significant addition to its Board of Directors, electing General Joseph F. Dunford Jr. as an independent director, effective February 10, 2020. General Dunford, the former Chairman of the Joint Chiefs of Staff, brings extensive experience in national security and defense leadership to the company. His appointment is expected to enhance the board's strategic oversight, particularly concerning the company's classified operations and governance.
Key Highlights
- 1Election of General Joseph F. Dunford Jr. to the Board of Directors, effective February 10, 2020.
- 2General Dunford is designated as an independent director, meeting NYSE, SEC, and company governance standards.
- 3His distinguished military career includes serving as the 19th Chairman of the Joint Chiefs of Staff and Commander of U.S. and NATO Forces in Afghanistan.
- 4General Dunford will serve on the Classified Business and Security Committee and the Nominating and Corporate Governance Committee.
- 5Compensation for General Dunford will be in line with the company's standard compensation for non-employee directors, including equity grants and deferred compensation options.
- 6General Dunford will also be covered by the corporation's standard indemnification agreement for directors.
Frequently Asked Questions
General Joseph F. Dunford Jr. is a retired four-star general who served as the 19th Chairman of the Joint Chiefs of Staff. His appointment as an independent director is significant because his deep expertise in national security, military operations, and high-level strategic leadership is highly relevant to Lockheed Martin's core business as a defense contractor. This appointment strengthens the board's oversight and strategic guidance, especially in areas related to classified programs and global defense.
General Dunford will serve on the Classified Business and Security Committee and the Nominating and Corporate Governance Committee. His role on the Classified Business and Security Committee directly leverages his extensive experience in sensitive defense matters, while his position on the Nominating and Corporate Governance Committee indicates a focus on board composition and adherence to best governance practices.
General Dunford will receive the standard compensation package for non-employee directors at Lockheed Martin. This includes fees, equity grants made under the company's directors' equity plan, and the opportunity to defer compensation. He will also be covered by the company's standard director indemnification agreement, a common practice to protect board members.