Lockheed Martin Board Elects Marillyn Hewson CEO & President and Member of the Board

Lockheed Martin Board Elects Marillyn Hewson CEO & President and Member of the

Christopher Kubasik Resigns

PR Newswire

BETHESDA, Md., Nov. 9, 2012

BETHESDA, Md., Nov. 9, 2012 /PRNewswire-FirstCall/ --Lockheed Martin
[NYSE:LMT] announced today that its board of directors asked for and received
the resignation of Christopher E. Kubasik, 51, from his role as vice chairman,
president and chief operating officer (COO), effective immediately. The board
also elected Marillyn A. Hewson, 58, president and COO, and a director
effective immediately, and chief executive officer (CEO) and president
effective January 1, 2013. Hewson will also retain her role as executive vice
president of Electronic Systems business area until the end of this year.

Kubasik, previously slated to become CEO in January, resigned after an ethics
investigation confirmed that he had a close personal relationship with a
subordinate employee. His actions violated the company's Code of Ethics and
Business Conduct, but did not affect the company's operational or financial

"While I am deeply disappointed and saddened by Chris' actions, which have
been inconsistent with our values and standards, our swift response to his
improper conduct demonstrates our unyielding commitment to holding every
employee accountable for their actions," said Robert J. Stevens, chairman and
CEO. "Fortunately, we have a strong leadership team and a robust succession
plan that allowed the board and me to react quickly and appropriately to this
situation. Marillyn is an exceptional leader with impeccable credentials and
deep knowledge of our business, customers, shareholders and employees."

The board also elected Stevens Executive Chairman effective January 1. In
that role he will work with Marillyn to facilitate a smooth CEO transition.

"As Board Executive Chairman," Stevens continued, "I will remain very active
and involved in our company's work, playing any role that would be of value,
and I will do this throughout 2013."

Douglas H. McCorkindale, Lockheed Martin's independent lead director said,
"Upholding the highest ethical standards is embedded in the fabric of the
Lockheed Martin character and is the foundation of the decisive action we took
in the face of a very challenging situation. Marillyn is a strong leader with
a record of delivering impressive results. She has the full support of the
board as she assumes her responsibilities as our next CEO."

Hewson joined Lockheed Martin in 1983, has served as executive vice president
of the Electronic Systems business area since January 2010, and was named
President and COO-elect by the board in April 2012. She earned her bachelor's
degree in business administration and a master's degree in economics from The
University of Alabama. She also attended the Columbia Business School and
Harvard Business School executive development programs. She chairs the Sandia
Corporation board of directors and she serves on the board of DuPont. Hewson
is a member of the Association of the United States Army Council of Trustees
and the University of Alabama's Culverhouse College of Commerce and Business
Administration Board of Visitors.

Headquartered in Bethesda, Md., Lockheed Martin is a global security and
aerospace company that employs about 120,000 people worldwide and is
principally engaged in the research, design, development, manufacture,
integration and sustainment of advanced technology systems, products and
services. The corporation's net sales for 2011 were $46.5 billion.


SOURCE Lockheed Martin

Website: http://www.lockheedmartin.com
Contact: Media: Jennifer Whitlow, +1-240-274-9290, jennifer.m.whitlow@lmco.com
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