8-KLeadership ChangesExhibits & Filings

LOCKHEED MARTIN CORP 8-K Report, Executive Changes (Jun 1, 2021)

Filed June 1, 2021For Securities:LMT

Summary

Lockheed Martin Corporation (LMT) announced a significant addition to its Board of Directors with the election of Patricia E. Yarrington, effective June 1, 2021. Ms. Yarrington brings extensive financial and executive experience, having served as Vice President and Chief Financial Officer of Chevron Corporation for a decade. Her appointment is considered an important move for the company, given her recognized expertise as an 'audit committee financial expert' and her 'independent director' status. Ms. Yarrington's appointment to the Audit Committee and the Management Development and Compensation Committee will provide valuable oversight and guidance. Her background at a major energy company like Chevron is expected to offer a fresh perspective on financial strategy and corporate governance. Investors can view this as a strengthening of the board's financial acumen and oversight capabilities, which are crucial for a company of Lockheed Martin's scale and complexity.

Key Highlights

  • 1Patricia E. Yarrington elected to Lockheed Martin's Board of Directors, effective June 1, 2021.
  • 2Ms. Yarrington is designated as an 'independent director' under NYSE, SEC, and company guidelines.
  • 3She is recognized as an 'audit committee financial expert' by the SEC.
  • 4Ms. Yarrington brings significant financial leadership experience, previously serving as CFO of Chevron Corporation.
  • 5She will serve on the Board's Audit Committee and Management Development and Compensation Committee.
  • 6Her compensation will be in line with the standard arrangements for non-employee directors.
  • 7A press release announcing her election is included as Exhibit 99.1.

Frequently Asked Questions

Patricia E. Yarrington is a seasoned executive with extensive financial experience. She was elected to Lockheed Martin's Board of Directors and is considered an 'independent director' and an 'audit committee financial expert'. Her appointment is significant because it brings a strong financial background, having previously served as Vice President and CFO of Chevron Corporation, to the company's oversight and governance.

Ms. Yarrington will serve on two key committees of the Board of Directors: the Audit Committee and the Management Development and Compensation Committee.

Ms. Yarrington will receive the corporation's standard compensation for non-employee directors. This includes potential equity grants under the company's directors equity plan and the ability to defer cash fees. Specific details regarding these arrangements are incorporated by reference from previous SEC filings.

While Ms. Yarrington's direct experience is in the energy sector (Chevron), her long tenure as CFO and in other senior financial roles at a large, complex multinational corporation provides highly relevant skills in financial oversight, strategic planning, risk management, and corporate governance that are transferable and valuable to Lockheed Martin.