Lockheed Martin Names Jay Malave Chief Financial Officer

By Colin Kellaher

Lockheed Martin Corp. on Tuesday said it named Jesus "Jay" Malave chief financial officer, poaching the executive from smaller rival L3Harris Technologies Inc.

Bethesda, Md., aerospace and defense giant Lockheed said John Mollard, who has been serving as acting chief financial officer since the abrupt retirement of Ken Possenriede in August of last year, will continue as vice president and treasurer.

L3Harris last week said Mr. Malave, who had been senior vice president and chief financial officer since the 2019 merger between L3 and Harris, had resigned to pursue other opportunities.

Lockheed said Mr. Malave, 53 years old, will receive an initial annual base salary of $960,000, a cash sign-on bonus of $750,000 to offset annual incentive amounts forfeited from L3Harris, and an annual bonus with a target of 115% of his 2022 salary.

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(END) Dow Jones Newswires

02-01-22 0945ET