In a unanimous decision by the independent members of Lockheed Martin’s board of directors, Thomas J Falk has been elected as the new independent lead director, effective immediately. This appointment follows the retirement of Daniel F Akerson and James O Ellis, Jr., who stepped down from the board following the company’s annual stockholders meeting.
Speaking about the appointment, Jim Taiclet, Chairman, President and CEO, Lockheed Martin, said: “We are pleased to announce Tom’s election as our next independent lead director. His demonstrated independent judgement, integrity, and in-depth knowledge of the company allows for a smooth transition and will enable Tom to offer the kind of independent oversight that the role calls for. On behalf of the entire board, we thank Dan for his tireless work as our independent lead director since 2019 and for his dedication to Lockheed Martin and the board since 2014. We also extend our thanks to Jim Ellis, who retired from the board today after 20 years, for his service to our company and efforts to advance 21st Century Security.”
Thomas J Falk has been a member of Lockheed Martin’s board of directors since 2010, assuming the role of Audit Committee chair in 2015. In his new capacity as independent lead director, Falk will undertake various responsibilities, including presiding over executive sessions of independent directors, approving board meeting agendas, and providing constructive feedback to management. Furthermore, he will chair the board’s Nominating and Corporate Governance Committee and serve as an ex officio member of all other committees.
In conjunction with Falk’s appointment, Patricia E Yarrington has been appointed as the Chair of the board’s Audit Committee, underscoring Lockheed Martin’s commitment to effective corporate governance.
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