United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) – August 12, 2014
LOCKHEED MARTIN CORPORATION
(Exact name of registrant as specified in its charter)
| Maryland | 1-11437 | 52-1893632 | ||
| (State or other jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| 6801 Rockledge Drive, Bethesda, Maryland | 20817 | |
| (Address of principal executive offices) | (Zip Code) |
(301) 897-6000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 5.02 | Appointment of Certain Officers; Departure of Certain Officers. |
On August 12, 2014, Lockheed Martin Corporation issued a press release announcing that Brian P. Colan, 54, will become Vice President, Controller, and Chief Accounting Officer of the Corporation, effective August 18, 2014. In that position, Mr. Colan will serve as the Corporation’s principal accounting officer and will report to Bruce L. Tanner, Executive Vice President and Chief Financial Officer.
Mr. Colan replaces Christopher J. Gregoire, who has served as Vice President, Controller, and Chief Accounting Officer since March 29, 2010. Mr. Gregoire will continue with the Corporation as Vice President, Finance and Business Operations for the Corporation’s Mission Systems and Training Business Segment.
Mr. Colan’s previous positions with Lockheed Martin were as Vice President and Controller, Missiles and Fire Control, and prior to that as Vice President and Controller for Electronic Systems. In each of those roles, he was responsible for financial accounting and internal controls, reporting, financial planning and analysis, and government accounting and compliance. Prior to joining Lockheed Martin, Mr. Colan served as Vice President, Finance, Land Armaments Operating Group at British Aerospace Systems in Arlington, Virginia. Mr. Colan has a Bachelor of Science Degree in Accounting from St. Francis University and is a Certified Public Accountant.
Mr. Colan participates in benefit and compensation 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. Colan’s base salary and his target for an annual incentive under the Lockheed Martin Corporation Management Incentive Compensation Plan. These increases are consistent with the Corporation’s executive compensation philosophy which targets each element of compensation for executives new to their role such as Mr. Colan at 85% of the market rate, determined by the 50th percentile of pay level of a size-adjusted (by revenue) comparator group of companies. Annual incentive payments are based on an assessment of enterprise, business area, and individual performance against goals. The compensation changes are effective August 18, 2014.
A copy of the Corporation’s press release is filed with this Form 8-K and attached hereto as Exhibit 99.1.
| Item 9.01. | Financial Statements and Exhibits. |
| Exhibit |
Description | |
| 99.1 | Lockheed Martin Corporation News Release dated August 12, 2014 | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LOCKHEED MARTIN CORPORATION | ||
| By: | /s/ Marian S. Block | |
| Marian S. Block | ||
| Vice President & Associate General Counsel | ||
August 12, 2014
EXHIBIT INDEX
| Exhibit |
Description | |
| 99.1 | Lockheed Martin Corporation News Released dated August 12, 2014 | |
Exhibit 99.1
News Release
BRIAN COLAN NAMED LOCKHEED MARTIN VICE PRESIDENT AND CONTROLLER
BETHESDA, Md., August 12, 2014 – Lockheed Martin [NYSE: LMT] today announced that Brian Colan has been named vice president, controller and chief accounting officer effective August 18, 2014. Colan replaces Christopher Gregoire, who has held the position since March 2010 and will lead the financial responsibilities for Lockheed Martin Mission Systems and Training as vice president, Finance and Business Operations.
In his new position, Colan will lead the corporation’s accounting, financial planning & analysis, government finance and tax functions.
“We are excited to have Brian join the corporate team,” said Bruce Tanner, Lockheed Martin executive vice president and chief financial officer. “He is a strong leader who has keen finance skills as well as a deep knowledge of the industry.”
Colan was previously vice president and controller, Missiles and Fire Control, and vice president and controller for Electronic Systems, for Lockheed Martin. In those roles, he was responsible for financial accounting and internal controls, reporting, financial planning and analysis, and government accounting and compliance. Prior to joining Lockheed Martin, Colan served in a variety of increasingly responsible positions at British Aerospace Systems in Arlington, Virginia.
Colan graduated from St. Francis University with a Bachelor of Science degree in Accounting and is a certified public accountant.
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 113,000 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 2013 were $45.4 billion.
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Media Contact:
Jennifer Allen, 301-897-6308; jennifer.l.allen@lmco.com
For additional information, visit our website:
www.lockheedmartin.com