Summary
This 8-K filing from Lockheed Martin Corporation (LMT) announces significant changes in its finance leadership team, effective June 6, 2022. The Vice President and Treasurer, John W. Mollard, and the Vice President and Controller, Brian P. Colan, are retiring from their executive roles. Both executives will transition to strategic advisor roles to ensure a smooth handover of responsibilities, with Mr. Mollard advising through December 2022 and Mr. Colan through October 2022. In their stead, the Board of Directors has appointed internal successors. H. Edward Paul, III, previously Vice President of Accounting, will become the new Vice President and Controller, also serving as the principal accounting officer. Evan T. Scott, formerly Vice President and Assistant Treasurer, has been promoted to Vice President and Treasurer. The filing also details compensation adjustments for Mr. Paul commensurate with his new role, aligning with the company's executive compensation philosophy and market rates.
Key Highlights
- 1Key executive retirements: VP and Treasurer John W. Mollard and VP and Controller Brian P. Colan are retiring from their primary roles.
- 2Transition support: Both retiring executives will serve as strategic advisors to facilitate a smooth transition.
- 3Internal promotions: H. Edward Paul, III promoted to VP and Controller; Evan T. Scott promoted to VP and Treasurer.
- 4Principal accounting officer change: H. Edward Paul, III will assume the role of principal accounting officer.
- 5Leadership continuity: The company is leveraging experienced internal talent to fill critical finance positions.
- 6Compensation adjustments: H. Edward Paul, III's base salary increased to $495,000 and target annual incentive to 70% of base salary upon promotion.
- 7Compensation philosophy: New compensation for Mr. Paul is based on market rates of comparator companies.