Summary
Lockheed Martin Corporation (LMT) announced significant leadership transitions effective March 1, 2021. Executive Chairman Marillyn A. Hewson will retire from her board positions but will continue with the company as a Strategic Advisor to the CEO until February 28, 2022. This transition includes a specific compensation package for her advisory role, encompassing a substantial base salary and continued vesting in existing long-term incentive awards, while she will not be eligible for new annual incentives or equity awards in 2021. The company also detailed benefits and perquisites associated with her advisory position. In conjunction with Ms. Hewson's retirement from the Executive Chairman role, President and CEO James D. Taiclet will assume the additional title of Chairman of the Board. Furthermore, Gregory M. Ulmer has been appointed as Executive Vice President of Aeronautics, effective February 1, 2021, bringing extensive experience from various leadership roles within the company, including his recent role as Acting Executive Vice President of Aeronautics.
Key Highlights
- 1Marillyn A. Hewson retiring as Executive Chairman and Board member, effective March 1, 2021.
- 2James D. Taiclet will assume the role of Chairman, in addition to his current roles as President and CEO, effective March 1, 2021.
- 3Marillyn A. Hewson to serve as Strategic Advisor to the CEO until February 28, 2022.
- 4Ms. Hewson's compensation as Strategic Advisor includes a $900,000 annual base salary.
- 5Ms. Hewson will not receive 2021 annual incentives or new equity awards but will continue to vest in existing long-term incentive awards.
- 6Gregory M. Ulmer appointed as Executive Vice President, Aeronautics, effective February 1, 2021.
- 7The filing includes the Transition Agreement with Ms. Hewson and a press release announcing these changes.