Lockheed Martin Corporation Announces Management Changes
January 29, 2021 at 09:41 pm IST
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On January 29, 2021, Lockheed Martin Corporation announced that Marillyn A. Hewson, Lockheed Martin's current Executive Chairman, has informed the Board of Directors of her intention to not stand for re-election and to retire as Executive Chairman and as a member of the Board on March 1, 2021. Ms. Hewson has agreed to remain an employee of the Corporation in a non-executive officer capacity in the position of Strategic Advisor to the Chief Executive Officer through February 28, 2022. On January 28, 2021, the Board elected President and Chief Executive Officer, James D. Taiclet, to serve as Chairman, President and Chief Executive Officer, effective March 1, 2021.on January 28, 2021, the Board elected Mr. Gregory M. Ulmer, age 56, as Executive Vice President, Aeronautics, effective February 1, 2021. Mr. Ulmer has served as Acting Executive Vice President, Aeronautics since December 1, 2020 and as Vice President and General Manager, F-35 Lightning II Program since March 2018.
Lockheed Martin Corporation specializes in the design, manufacturing and marketing of aeronautic, submarine, and aerospace systems. Net sales break down by activity as follows:
- sale of aeronautic systems (40.7%): military and civilian aircraft, primarily for government organizations;
- sale of helicopters, mission and electronic systems (24%): military and commercial helicopters, ships, sea and land-based missile defense systems, radars, sensors, sea and air-based mission and combat systems, training systems, cyber solutions, command, control and communication systems, surveillance and reconnaissance systems, simulation and training systems, etc.;
- sales of aerospace systems (18.7%): satellite systems, missile systems and space transport systems;
- sale of air defense and fire control systems (16.6%): air and missile defense systems, tactical missiles, precision strike weapons systems, fire control systems, etc. The group also offers support services for mission operations, preparation, technical support, integration services, etc.
Net sales break down by source of income into sales of products (83.3%) and services (16.7%).
Net sales are distributed geographically as follows: the United States (74.3%), Europe (9.5%), Asia/Pacific (8.3%), Middle East (5.8%) and other (2.1%).