Lockheed Martin (LMT) Press Relases on the Change of COO

by: Matthew Potter
November 10, 2012

Category: Business Line, Companies, development program, Events, Lockheed Martin, Press Releases, production program | RSS 2.0

If you hadn’t heard the President and COO of Lockheed resigned Friday for personal reasons. Here is the press release announcing that and then the one appointing Marillyn A. Hewson to replace Chris Kubasik.

Chris Kubasik Resigns as COO of Lockheed Martin

WASHINGTON, Nov. 9, 2012 /PRNewswire/ — Today, Chris Kubasik, Vice Chairman, President and Chief Operating Officer of Lockheed Martin Corporation, released the following statement:

“Today, I have submitted my resignation from the board of directors of Lockheed and signed an agreement of separation ending my tenure as an officer of the company. My departure in no way reflects on the strength of Lockheed Martin. I remain confident in the future of the company. I regret that my conduct in this matter did not meet the standards to which I have always held myself. I am grateful to have worked with such an outstanding team of colleagues and friends and continue to be proud of our work together over the past 13 years.”

Lockheed Martin Board Elects Marillyn Hewson CEO & President and Member of the Board
Christopher Kubasik Resigns

BETHESDA, Md., Nov. 9, 2012 /PRNewswire-FirstCall/ — Lockheed Martin [NYSE:LMT] announced today that its board of directors asked for and received the resignation of Christopher E. Kubasik, 51, from his role as vice chairman, president and chief operating officer (COO), effective immediately. The board also elected Marillyn A. Hewson, 58, president and COO, and a director effective immediately, and chief executive officer (CEO) and president effective January 1, 2013. Hewson will also retain her role as executive vice president of Electronic Systems business area until the end of this year.

Kubasik, previously slated to become CEO in January, resigned after an ethics investigation confirmed that he had a close personal relationship with a subordinate employee. His actions violated the company’s Code of Ethics and Business Conduct, but did not affect the company’s operational or financial performance.

“While I am deeply disappointed and saddened by Chris’ actions, which have been inconsistent with our values and standards, our swift response to his improper conduct demonstrates our unyielding commitment to holding every employee accountable for their actions,” said Robert J. Stevens, chairman and CEO. “Fortunately, we have a strong leadership team and a robust succession plan that allowed the board and me to react quickly and appropriately to this situation. Marillyn is an exceptional leader with impeccable credentials and deep knowledge of our business, customers, shareholders and employees.”

The board also elected Stevens Executive Chairman effective January 1. In that role he will work with Marillyn to facilitate a smooth CEO transition.

“As Board Executive Chairman,” Stevens continued, “I will remain very active and involved in our company’s work, playing any role that would be of value, and I will do this throughout 2013.”

Douglas H. McCorkindale, Lockheed Martin’s independent lead director said, “Upholding the highest ethical standards is embedded in the fabric of the Lockheed Martin character and is the foundation of the decisive action we took in the face of a very challenging situation. Marillyn is a strong leader with a record of delivering impressive results. She has the full support of the board as she assumes her responsibilities as our next CEO.”

Hewson joined Lockheed Martin in 1983, has served as executive vice president of the Electronic Systems business area since January 2010, and was named President and COO-elect by the board in April 2012. She earned her bachelor’s degree in business administration and a master’s degree in economics from The University of Alabama. She also attended the Columbia Business School and Harvard Business School executive development programs. She chairs the Sandia Corporation board of directors and she serves on the board of DuPont. Hewson is a member of the Association of the United States Army Council of Trustees and the University of Alabama’s Culverhouse College of Commerce and Business Administration Board of Visitors.

Headquartered in Bethesda, Md., Lockheed Martin is a global security and aerospace company that employs about 120,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation’s net sales for 2011 were $46.5 billion.

The stock market seemed to take it in stride Friday and overall LMT stock and earnings have done reasonably well this year. More can be read about their most recent quarter here.

Share this:
Share this page via Email Share this page via Stumble Upon Share this page via Digg this Share this page via Facebook Share this page via Twitter

Tags: , , , ,


| Give a Comment | trackback