The Board of Directors of Lockheed Martin has appointed James D Taiclet as President and CEO of the company.
Effective June 15, Taiclet will succeed Marillyn A Hewson who has served as Chairman, President and CEO since 2014 and President and CEO since 2013.
Hewson will become Executive Chairman of the board, also effective June 15, subject to her re-election to the board by the stockholders at the upcoming annual meeting.
Previously, Taiclet has served as Chairman, President and CEO of American Tower Corporation since 2004 and CEO since 2003. During that time, American Tower grew significantly and increased its market capitalisation from approximately $2bn to approximately $100bn.
Before joining American Tower in 2001, Taiclet was president of Honeywell Aerospace Services, a unit of Honeywell International, and prior to that was vice president, engine services at Pratt & Whitney, a unit of United Technologies Corporation. He was also previously a consultant at McKinsey & Company, specializing in telecommunications and aerospace strategy and operations.
Commenting on the new role, Taiclet said: “I’m honoured to be asked to succeed one of the most respected CEOs in America. While serving on Lockheed Martin’s board, I’ve not only been impressed by the company’s continued growth as a leader in aerospace and defence but also by the dedication and commitment of Marillyn and Lockheed Martin employees to deliver for its customers. As a military veteran, I understand the mission of this great company to provide global security and innovative solutions for the brave men and women who protect our freedom.”
Hewson remarked: “I know it is the right time to transition the leadership of Lockheed Martin. The corporation is strong, as evidenced by our outstanding financial results last year and a record backlog of business. We have a bright future – particularly with Jim and our outstanding leadership team at the helm. I’m pleased the board agreed with my recommendation. As Lockheed Martin’s next CEO, Jim will lead the company forward in its next phase of growth and value creation.”