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    James D. Taiclet

    Chairman, President, and CEO at Lockheed Martin Corp
    Board
    Since June 2020
    Age
    64 years
    Tenure
    Joined LMT's Board of Directors in January 2018 , assumed the role of President and CEO in June 2020 , and was elected Chairman in March 2021.

    Also at Lockheed Martin Corp

    FASJ
    Frank A. St. John
    Chief Operating Officer (COO)
    HEPI
    H. Edward Paul III
    Vice President and Controller
    JM
    Jesus Malave
    Chief Financial Officer (CFO)

    About

    James D. Taiclet has built a diverse career anchored in the aerospace and defense sectors. He began his professional journey with a background in military service as a U.S. Air Force officer and pilot, an experience that laid the groundwork for his deep understanding of industry challenges and opportunities.

    Before assuming leadership at LMT, he held senior roles at prominent companies including Honeywell Aerospace Services and Pratt & Whitney, and led American Tower Corporation as Chairman, President, and CEO from February 2004 to March 2020. His tenure at these organizations honed his expertise in strategic planning, regulatory compliance, and large-scale operational management.

    At Lockheed Martin, his leadership is marked by the implementation of transformational initiatives such as the One Lockheed Martin Transformation (1LMX) and a strong commitment to integrating advanced technologies like 5G, artificial intelligence, and distributed cloud computing into national defense. These strategic moves have not only modernized the corporation's operations but also contributed to achieving a record backlog, underlining his impact on both the commercial and defense landscapes.

    $LMT Performance Under James D. Taiclet

    Past Roles

    OrganizationRoleDate RangeDetails
    American Tower Corporation Executive Chairman March 2020 to May 2020 Former executive leadership role
    American Tower Corporation Chairman, President, and CEO February 2004 to March 2020 Former executive leadership role
    Honeywell Aerospace Services President N/APrevious role with no specified date
    Pratt & Whitney (a unit of United Technologies Corporation) Vice President, Engine Services N/APrevious role with no specified date
    U.S. Air Force Officer and Pilot N/APrevious service role with no specified date

    Fixed Compensation

    Data from  FY 2023
    Component NameAmountPayment ScheduleAdditional Details
    Base Salary$1,751,000 2023Fixed annual base salary
    Nonqualified Defined Contribution Plans$151,550 2023Company contributions to nonqualified defined contribution plans
    Qualified Defined Contribution Plans$23,550 2023Company contributions to qualified defined contribution plans
    Tax Assistance for Business-Related Items$44,741 2023Includes $42,884 for non-resident income taxes incurred from business travel

    Performance Compensation

    Data from  FY 2023

    Annual Incentive (MICP)

    MetricValueNotes
    Threshold Payout7% of targetMinimum payout amount; corresponds to $232,883
    Target Payout$3,326,900100% target payout
    Maximum Payout$6,653,800200% of target payout
    Overall Payout Factor126%Actual performance achievement multiplier
    Evaluation Period1 year (2023)Performance measured over one year
    Grant DateFebruary 22, 2023Applies to RSU and PSU awards
    VestingCliff vesting after 3 years (RSUs); performance-based payout at 3-year end (PSUs)Conditions apply upon termination, retirement after six months, death, disability, or divestiture

    Long-Term Incentive Plan (LTIP)

    MetricWeightThreshold / Target / MaximumAdditional Details
    Relative Total Shareholder Return (TSR)50%Threshold: 35th percentile (25% payout); Target: 50th percentile (100% payout); Maximum: 75th–100th percentile (200% payout) Capped at 100% if absolute TSR is negative
    Return on Invested Capital (ROIC)25%Threshold: Plan -10% (25% payout); Target: Plan (100% payout); Maximum: Plan +12% (200% payout) -
    Free Cash Flow (FCF)25%Threshold: Plan -15% (25% payout); Target: Plan (100% payout); Maximum: Plan +30% (200% payout) Detailed performance measure; see Free Cash Flow Performance section
    Award ComponentsN/APSUs: 50% (Grant of 10,845 shares, Fair Value: $8,229,884 ); RSUs: 30% (Grant of 10,009 shares, Fair Value: $4,778,797 ); Cash LTIP: 20% (Max payout: $10 million) Vesting occurs at the end of a three-year performance period (2023–2025)
    Grant DateN/AFebruary 22, 2023Applies to all LTIP components

    Performance Stock Units (PSUs)

    Metric TypeValueNotes
    Relative TSR Weight50%Performance metric component
    ROIC Weight25%Performance metric component
    FCF Weight25%Performance metric component
    Grant Date Fair Value$8,229,884Fair value for the PSU portion of LTIP
    Maximum PSU Award Value$12,212,771Derived from Monte Carlo simulations assuming a 200% maximum payout for ROIC and FCF metrics
    VestingCliff vesting after 3 yearsBased on the achievement of specified performance thresholds at the end of the performance period

    Free Cash Flow (FCF) Performance

    MetricValueNotes
    Weight25%Applies to both PSUs and LTIP awards
    Threshold85% of target (25% payout)
    Target100% of target (100% payout)
    Maximum130% of target (200% payout)
    Grant Date Stock Price$479.53For the FCF portion of performance awards
    Grant Date Fair Value$477.45 per share (FCF/ROIC); $509.11 for Relative TSRDifferentiated fair values based on the performance metric component

    Note: Actual performance results leading to payout adjustments were not disclosed in the documents.