8-KLeadership Changes

LOCKHEED MARTIN CORP 8-K Report, Executive Changes (Apr 17, 2025)

Filed April 17, 2025For Securities:LMT

Summary

Lockheed Martin Corporation (LMT) announced a significant leadership change in its finance department via an 8-K filing on April 16, 2025. Chief Financial Officer (CFO) Jay Malave is departing the company to pursue other opportunities. The company explicitly stated that Mr. Malave's departure is unrelated to any financial or accounting improprieties or disagreements concerning the company's operations or policies, providing reassurance to investors regarding financial stability. Effective immediately, Evan T. Scott has been appointed as the new CFO. Mr. Scott, a 48-year-old internal candidate, brings extensive experience within Lockheed Martin, having previously held key financial roles including CFO of the Missiles and Fire Control business, Vice President and Treasurer, and Vice President of Finance and Business Operations for the Space business segment. His appointment is expected to ensure a smooth transition and continuity in financial leadership.

Key Highlights

  • 1Jay Malave, the current Chief Financial Officer, is stepping down from his role.
  • 2Mr. Malave's departure is confirmed to be voluntary and unrelated to any financial improprieties or disputes.
  • 3Evan T. Scott has been appointed as the new Chief Financial Officer, effective April 17, 2025.
  • 4Mr. Scott is an internal promotion with a strong background in various financial leadership positions within Lockheed Martin.
  • 5Effective April 21, 2025, Mr. Scott's base salary will increase to $850,000 and his target annual incentive will be 125% of base salary.
  • 6Mr. Scott will be eligible for a long-term incentive award in 2026, commensurate with his new role.
  • 7The company's executive compensation philosophy, considering market rates of comparator companies, guided Mr. Scott's compensation adjustments.

Frequently Asked Questions

Jay Malave is leaving Lockheed Martin to pursue other opportunities outside of the company. The company has stated that his departure is not related to any financial or accounting issues or any disagreements concerning the company's operations, policies, or practices.

Evan T. Scott has been appointed as the new Chief Financial Officer, effective April 17, 2025. He is an internal promotion with significant experience within the company.

Evan T. Scott has held several key financial leadership roles within Lockheed Martin, including Vice President and Chief Financial Officer of the Missiles and Fire Control business segment, Vice President and Treasurer, and Vice President, Finance and Business Operations of the Space business segment.

Effective April 21, 2025, Mr. Scott's base salary will increase to $850,000, and his target annual incentive award will be 125% of his base salary. He will also be eligible for a long-term incentive award in 2026.