Lockheed Martin Corp. CEO Marillyn Hewson

Lockheed Martin Corp. CEO Marillyn Hewson

Andrew Harrer/Bloomberg

Marillyn Hewson, who became Lockheed’s chief executive officer this month, faces the challenge of protecting the company’s F-35 Joint Strike Fighter from budget cuts as Pentagon spending comes under pressure from efforts by Congress and the Obama administration to reduce U.S. deficits.