Lockheed Martin boss Hewson to step down
The boss of Lockheed Martin, the world’s largest defence contractor, will leave the company
Marillyn Hewson, who has led the company since 2013, announced the decision on LinkedIn.
Lockheed Martin shares are down six per cent today to $303
Lockheed Martin manufacturers a full range of equipment for the US military and its allies, including the UK, such as the controversial F35 Lightning II stealth fighter.
In her post, Hewson said: “The time is not only right for our company, but for me personally.”
Hewson stated a wish to spend more time with her family.
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Hewson, who has worked for Lockheed Martin since 1983, will become executive chairman of the firm’s board in June.
She will be succeeded by Jim Taiclet, a former military pilot and currently boss of real estate firm American Tower Corporation.
Currently a member of Lockheed Martin’s board, he was appointed on Hewson’s recommendation.
A positive legacy
Since Hewson has been in charge, Lockheed Martin’s stock has grown more than three-fold.
This has been due to increased US defence spending under President Trump, the F35 and greater global demand.
“Taiclet has an impressive pedigree based on his resume, but from an aerospace and defense perspective he is an unknown quantity,” said Robert Stallard an analyst at Vertical Research.
“But with Marillyn sticking around as Chairman, and a very experienced cohort of senior Lockheed managers, we are not expecting there to be any revolutionary change,” Stallard told Reuters.
The company, which is headquartered near Washington D.C., achieved $59.9bn sales in 2019 and has an order book of $144bn.
It has a cash flow of $7.3bn (excluding $1bn of pension contributions) and employs 110,000 people internationally.