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): December 7, 2018
LOCKHEED MARTIN CORPORATION
(Exact name of registrant as specified in its charter)
Maryland | 1-11437 | 52-1893632 |
(State or other jurisdiction | (Commission file number) | (I.R.S. Employer |
of incorporation) | 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) | ||
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)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 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
Exhibit No. | Description | |
99.1 | ||
SIGNATURE
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 | |||
(Registrant) | |||
Date: December 10, 2018 | By: | /s/ Marian S. Block | |
Marian S. Block | |||
Vice President and Associate General Counsel | |||
Exhibit 99.1
News Release
Lockheed Martin Names Kenneth R. Possenriede Executive Vice President and Chief Financial Officer
Bruce L. Tanner to Retire
BETHESDA, Md., December 10, 2018 -- Lockheed Martin's board of directors has approved the appointment of Kenneth R. Possenriede, 58, as executive vice president and chief financial officer, succeeding Bruce L. Tanner, who intends to retire in mid-2019. Possenriede’s appointment is effective Feb. 11, 2019.
“I’d like to thank Bruce for his significant contributions to our corporation’s success throughout his impressive 37-year career,” said Marillyn Hewson, Lockheed Martin chairman, president and CEO. “During his nearly twelve years as Lockheed Martin’s CFO, Bruce has led us through many important new business wins, significant acquisitions and divestures, including the acquisition of Sikorsky and divestiture of our former Information Systems & Global Solutions business, and ensured we continued to increase our shareholder value.”
Possenriede is currently vice president of Finance and Program Management at Aeronautics, where he is responsible for all aspects of the business area’s finances and program management processes, including accounting, contracts, business management, financial planning, scheduling and earned value.
“Ken is an accomplished leader with experience in every business area and Lockheed Martin UK,” continued Hewson. “During his more than 30-year career at Lockheed Martin, he has developed an impressive track record of delivering outstanding results for our customers, company and shareholders.”
Prior to his current role, Possenriede was vice president and treasurer for Lockheed Martin from 2011 to 2016. In that role, he was responsible for all aspects of the company’s worldwide banking activity, including global treasury operations, foreign exchange and capital markets, rating agency relations, capital planning, facilities and risk management. Previously, he served as vice president of Finance and Business Operations for the corporation’s former Electronic Systems business area; vice president of Finance and Business Operations for Space; and vice president of Finance and Business Management for the prior Mission Systems and Solutions (MS2) line of business. He also served as chief financial officer for Lockheed Martin United Kingdom and from 2001 to 2003 Possenriede was seconded as Interim CEO and EVP CFO at Exostar, an independent online supplier exchange backed by Lockheed Martin.
Possenriede holds a Master of Business Administration from the University of Michigan and bachelor’s degree from Rutgers University in economics.
About Lockheed Martin
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 100,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. This year the company received three Edison Awards for ground-breaking innovations in autonomy, satellite technology and directed energy.
For additional information, visit our website: www.lockheedmartin.com.
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Media Contact:
Bill Phelps, 301-897-6308; william.phelps@lmco.com