Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Lockheed Martin Corporation ("Lockheed Martin " or the "Company") announced thatJohn W. Mollard andBrian P. Colan have decided to retire from the Company.Mr. Mollard will step down as Vice President and Treasurer onJune 6, 2022 , and will remain as a strategic advisor to assist in the transition throughDecember 2022 .Mr. Colan will step down as Vice President and Controller onJune 6, 2022 , and will remain as a strategic advisor to assist in the transition throughOctober 2022 . OnJune 3, 2022 , the Board of Directors (the "Board") of the Company electedH. Edward Paul , III, currently the Company's Vice President, Accounting, to succeedMr. Colan as Vice President and Controller, effectiveJune 6, 2022 . In this position,Mr. Paul will serve as the Company's principal accounting officer. OnJune 3, 2022 , the Board also electedEvan T. Scott , currently the Company's Vice President and Assistant Treasurer, to succeedMr. Mollard as Vice President and Treasurer, effectiveJune 6, 2022 .Mr. Paul (age 47) has served as the Company's Vice President, Accounting sinceMarch 2015 . Prior to that, he served as Director, Accounting Policy, Consolidation and Financial Reporting fromMay 2011 throughMarch 2015 . Prior to joiningLockheed Martin ,Mr. Paul served as a Senior Director in the Corporate Controller's organization atDiscovery Communications, Inc. fromSeptember 2008 toMay 2011 .Mr. Paul began his career in 1997 withErnst & Young LLP's audit practice and is a certified public accountant.Mr. Scott (age 45) has served as the Company's Vice President and Assistant Treasurer sinceAugust 2021 . Prior to that,Mr. Scott was Vice President, Finance and Business Operations of the Company's Space business segment fromMarch 2019 toAugust 2021 and Vice President and Controller of the Company's Missiles and Fire Control business segment fromMarch 2015 toMarch 2019 .Mr. Scott has held positions of increasing responsibility since joiningLockheed Martin inJune 1999 . In connection withMr. Paul's promotion, theManagement Development and Compensation Committee (the "Compensation Committee") of the Board approved increases inMr. Paul's base salary to$495,000 and in his target for an annual incentive under theLockheed Martin Corporation Management Incentive Compensation Plan to 70% of base salary.Mr. Paul's compensation was established based on the Company's executive compensation philosophy which takes into account the "market rate" of the Company's comparator group of companies as described in the Company's proxy statement for the 2022 annual meeting filed with theSecurities and Exchange Commission onMarch 11, 2022 . The compensation changes are effectiveJune 6, 2022 .
A copy of the news release announcing these actions is filed as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits Exhibit No. Description 99.1Lockheed Martin Corporation News Release dated June 6 , 2022 104 Cover Page Interactive Data File (embedded within
the Inline XBRL document).
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