Lockheed Martin Corp.
6801 Rockledge Dr.
Bethesda, Md. 20817
www.lockheedmartin.com Year founded: 1995 Industry: Aerospace/defense Revenue: $31.82 Billion Net Income/Loss: $1.05 Billion Earnings per share: $2.34 Dividend: $0.58 Stockholder equity: $6.76 Billion Auditor: Ernst & Young LLP Stock: LMT Assets: $26.18 Billion Market capitalization: $20.84 Billion 52-week high: 55 7/24/2003 52-week low: 43.1 3/16/2004 Chairman and CEO: Vance D. Coffman President and COO: Robert J. Stevens Employees: 130000 Local employees: 13000 Description: Lockheed Martin is the world's largest defense contractor. It is the dominant maker of fighter aircraft, but its portfolio ranges from work launching satellites to processing millions of Social Security checks. Developments: Lockheed remained the industry's leading player with $32 billion in revenue last year. The big news was the announcement Vance Coffman plans to retire as chief executive in August after 37 years with the company. Robert Stevens, the chief operating officer and president, will replace Coffman. The shift is not expected to bring any significant change in Lockheed's strategy, which last year focused on expanding its information technology business and adapting adroitly to the Pentagon's evolving ideas about high-tech warfare. Lockheed created a new unit, Integrated Systems and Solutions, which looks across the company's businesses for opportunities to cooperate and merge expertise and is supposed to make the company more nimble. When pursuing a contract, for example, the unit can pull together an aeronautics engineer in one unit with a software technician in another. Meanwhile, two of Lockheed's largest programs remained under a spotlight. The Joint Strike Fighter, expected to be the largest weapons program in Pentagon history, will cost $40 billion to develop, about $7 billion more than originally expected. Critics also continue to question whether the Air Force needs the F/A-22 Raptor, a stealth fighter jet, which was conceived during the Cold War. The Raptor is scheduled to enter service in 2005. Executive Compensation
Chairman and CEO: Vance D. Coffman
Total Cash: $4,984,615.00
Total Compensation: $25,814,040.00 President and COO: Robert J. Stevens
Total Cash: $2,641,154.00
Total Compensation: $12,094,933.00 Executive Vice President: Albert E. Smith
Total Cash: $1,408,885.00
Total Compensation: $5,503,332.00 Executive Vice President: Dain M. Hancock
Total Cash: $1,440,285.00
Total Compensation: $5,431,796.00 Executive Vice President: Robert B. Coutts
Total Cash: $1,408,885.00
Total Compensation: $5,302,908.00
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