Lockheed Loses an Exec, Promotes 2 More

By Rich Smith – Mar 19, 2013 at 9:00PM

NYSE: LMT

Lockheed Martin

Market Cap

$110B

Today's Change

(0.28%) $1.29

Current Price

$460.43

Price as of April 25, 2024, 12:13 p.m. ET

Larry Lawson leaves Lockheed, and his lieutenants rise up the ranks.

Lockheed Martin (LMT 0.28%) aeronautics head Larry A. Lawson's life just got a little easier.

On Tuesday, Lawson confirmed that he's resigning from Lockheed to take up a new job at airplane-parts maker Spirit AeroSystems (SPR -0.35%). In the process, Lawson leaves behind the troubled F-35 fighter jet program and can let go of worries over Defense Department budget cuts as well.

Sadly, somebody still has to worry about these things, and today, Lockheed named the two lucky individuals who will be responsible for figuring them out. Taking Lawson's place as head of aeronautics at Lockheed is F-35 program head Orlando Carvalho. Taking his place as head of the F-35 program is Lorraine Martin, Carvalho's former second-in-command.

Despite losing a key exec to Spirit, Lockheed shareholders seem confident their company remains in good hands. Investors responded to news of the new appointments by bidding up Lockheed shares 0.6% Tuesday, to close at $92.87.

Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends Spirit AeroSystems Holdings and owns shares of Lockheed Martin. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.