Vance D. Coffman Elected Chairman of Lockheed Martin
BETHESDA, MD, April 23rd, 1998 -- Lockheed Martin (NYSE: LMT) today announced the election of its chief executive officer, Vance D. Coffman, as chairman of the Corporation's board of directors, effective immediately. "This action is consistent with our Corporation's long-term succession plans and ensures the smooth evolution of Lockheed Martin and strong management continuity for the future," said Norman R. Augustine, who will step down as chairman but remain on the Corporation's board of directors.
Coffman, 54, became CEO and vice chairman of Lockheed Martin on August 1, 1997. He previously served as president and chief operating officer of the Corporation and, prior to that, as an executive vice president and president of Lockheed Martin's Space & Strategic Missiles Sector. Coffman first joined the heritage Lockheed Corporation in 1967.
In addition to serving on the Lockheed Martin board, Augustine, who retired as the Corporation's CEO last August, is a faculty member of Princeton University's School of Engineering and Applied Science. He also will continue to serve on several corporate boards, as well as chairman of the American Red Cross.
"This Corporation is extremely indebted to Norm Augustine for his insightful leadership, unflagging dedication and personal contributions to Lockheed Martin," said Coffman. "As a `co-architect' of Lockheed Martin with Dan Tellep, the first chairman and CEO of this Corporation, Norm Augustine has positioned us to grow and prosper in the 21st-century global marketplace. It also is appropriate to thank Dan Tellep, who is retiring from our board of directors. His tireless efforts on behalf of Lockheed Martin are very much appreciated."