Press Release

Lockheed Martin’s Vance Coffman Announces Retirement Plans

By SpaceRef Editor
March 1, 2004
Filed under , ,

Lockheed Martin Chairman and Chief Executive Officer Vance Coffman announced today
that he will retire after 37 years with the company, including seven years as
CEO. Lockheed Martin’s Board of Directors has named President and Chief
Operating Officer Robert J. Stevens as Coffman’s successor.

Effective August 6, 2004, Stevens, 52, will assume his new duties as CEO,
retaining his position as President. Coffman, 59, plans to continue to serve
as the board’s non-employee Chairman until April 2005.

On behalf of the board, Presiding Director James Ukropina said: “We are
pleased that Vance Coffman will serve as our CEO through July and then
continue as our Chairman until the 2005 annual meeting. This will ensure an
orderly transition of leadership. Under Vance Coffman’s capable stewardship,
which began in the midst of the defense industry consolidation, Lockheed
Martin has achieved steady, disciplined growth and strong performance in
critical programs, including F/A-22 and the Joint Strike Fighter. He also
strengthened the corporation’s role in launch vehicles, missile defense and
network-centric programs. He has helped to position the company for continued
success and, as he transitions to retirement, we extend our deep thanks for a
job well done. We are also extremely pleased by the selection of Bob Stevens
as the corporation’s next CEO and have full confidence in his leadership.”

“I have been extremely fortunate to have worked with such a talented and
experienced board, a top-notch management team, and a truly dedicated
workforce,” Coffman said. “Serving Lockheed Martin and its customers has been
a great experience for me both professionally and personally, and I want to
express my profound appreciation to all who have contributed to that

He added: “Bob Stevens is an exceptional leader with great vision and a
deep understanding of the industry, our customers and our corporation. He has
been intimately involved in Lockheed Martin’s successful operational,
financial and strategic execution. He has also been a driving force behind
our strong performance for our Department of Defense and other government
customers and our increased focus on growing our homeland security and
government IT capabilities. Under Bob’s leadership, Lockheed Martin will
continue on its path of steady, reliable performance.”

“I am deeply honored to be given the opportunity to lead this great
company and its 130,000 extraordinary employees,” Stevens said. “Lockheed
Martin is a company with a legacy of supporting critical national-security and
civil-agency needs while achieving strong operational performance and
returning shareholder value. I look forward to continuing that tradition and
ensuring that we fully utilize the corporation’s vast array of capabilities
and talent.”

Stevens added: “We all owe Vance Coffman our gratitude for his strength
and leadership over the past seven years. His 37-year career has been marked
by superior achievements and unrelenting focus on our customers, shareholders
and employees. Our company and our nation will benefit for years to come from
his many contributions.”

Coffman’s tenure is credited with restoring the corporation’s financial
strength. While Coffman was CEO, the company increased backlog from $48
billion in 1997 to $77 billion and achieved record sales of $32 billion in
2003. He reorganized the business areas and restructured the management team
to increase efficiency and customer satisfaction. His continuing focus on
divesting non-core businesses, while making selective acquisitions —
including ACS and the recently announced Titan Corporation — has resulted in
steadily growing IT capability which, today, represents about 25 percent of
Lockheed Martin’s sales.

He has also streamlined business practices and achieved cost savings of
about $5 billion through his “lean” initiative, LM21, which he launched in
1998. The company has also reduced its net debt-to-capital ratio
significantly in recent years to its current level of 48 percent.

Stevens Background

Stevens has served as Lockheed Martin’s President and COO since October
2000 and is a member of the Board of Directors. Previously, he served as the
corporation’s Chief Financial Officer. In addition, he led the company’s
strategic planning office and was the senior executive in Lockheed Martin’s
Energy & Environment Sector. He also led the corporation’s Air Traffic
Management business.

From 1988 to 1993, Stevens was the general manager of Loral Systems
Manufacturing, having been promoted from Vice President and Chief Financial
Officer. He began his career with Fairchild-Republic.

He serves as the Presiding Director on Monsanto Company’s Board of
Directors. He is a Fellow of the American Astronautical Society, an Associate
Fellow of the American Institute of Aeronautics and Astronautics, and a member
of the International Advisory Board of the British-American Business Council.
During 2001 and 2002, he served on the President’s Commission on the Future of
the U.S. Aerospace Industry.

Coffman Background

Coffman joined Lockheed’s Space Systems division in 1967 and held
positions of increasing responsibility. He was responsible for the
development of several major space programs and large ground data-processing
systems. He provided leadership for the Hubble space telescope, the Milstar
satellite communications program, and the Follow-on Early Warning System.

He is chairman of the President’s National Security Telecommunications
Advisory Committee and, in 2003, served as the chairman of the Aerospace
Industries Association. He serves on the boards of 3M, Bristol-Myers-Squibb
and the United Negro College Fund. He was elected a Fellow in both the
American Institute of Aeronautics and Astronautics and the American
Astronautical Society. In 2002, he was named an “NRO Pioneer” by the National
Reconnaissance Office.

Additional biographical information and photos of both Coffman and Stevens
are available at in the “Biographies” portion of the
“About Us” section.

Headquartered in Bethesda, MD, Lockheed Martin employs about 130,000
people worldwide and is principally engaged in the research, design,
development, manufacture and integration of advanced technology systems,
products and services.

SpaceRef staff editor.