LOCKHEED MARTIN CORPORATION (NYSE:LMT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 10, 2018, Lockheed Martin Corporation (“Lockheed Martin” or the “Corporation”) announced that Bruce L. Tanner will be retiring from the Corporation. He will step down as Executive Vice President and Chief Financial Officer on February 11, 2019 but will remain an employee of the Corporation through mid-2019.
On December 7, 2018, the Board of Directors elected Kenneth R. Possenriede, currently vice president of finance and program management at Aeronautics, to succeed Mr. Tanner as Executive Vice President and Chief Financial Officer, effective February 11, 2019.
Mr. Possenriede, age 58, has served as vice president of finance and program management at Aeronautics since February 2016. Prior to that, he served as vice president and treasurer from July 2011 through February 2016, vice president, finance and business operations at Electronic Systems from July 2008 to June 2011 and vice president, finance and business operations at Space from September 2007 to June 2008.
Mr.Possenriede participates in compensation and benefit plans at levels consistent with his position and scope of responsibility. In connection with his promotion, the Management Development and Compensation Committee of the Board of Directors approved increases in Mr.Possenriede's base salary to $905,000 and in his target for an annual incentive under the Lockheed Martin Corporation Management Incentive Compensation Plan to 105% of base salary. Both compensation changes are effective February 11, 2019.
A copy of the press release announcing the election of Mr. Possenriede and the retirement of Mr. Tanner is filed as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
LOCKHEED MARTIN CORP ExhibitEX-99.1 2 ex9918-k12102018.htm EXHIBIT 99.1 Exhibit Exhibit 99.1News ReleaseLockheed Martin Names Kenneth R. Possenriede Executive Vice President and Chief Financial OfficerBruce L. Tanner to RetireBETHESDA,…To view the full exhibit click here
About LOCKHEED MARTIN CORPORATION (NYSE:LMT)
Lockheed Martin Corporation is a global security and aerospace company. The Company is engaged in the research, design, integration and sustainment of advanced technology systems, products and services. It operates in five segments: Aeronautics; Information Systems & Global Solutions (IS&GS); Missiles and Fire Control (MFC); Mission Systems and Training (MST), and Space Systems. Its Aeronautics segment is engaged in the development, manufacture, support and upgrade of advanced military aircraft. The IS&GS provides network-enabled situational awareness and integrates global systems to help its customers gather, analyze and securely distribute critical data. Its MFC segment provides air and missile defense systems, and logistics services. Its MST segment provides manufacture, service and support for various military and civil helicopters. Its Space Systems segment is engaged in the design, engineering and production of satellites.
