Thursday, April 11, 2013
24/7 Wall Street has named the Bethesda-based defense giant among nine largest companies that can't get bigger.
Bethesda-based defense giant Lockheed Martin has been named by 24/7 Wall Street as one of the nine largest American companies that can't grow. Lockheed's heavy reliance on the federal government for sales and the lack of growth in its market, combined with federal cutbacks that will likely affect defense projects, earned it a spot on the list, according to the report. The companies that qualified for the list were among the 100 largest in sales, had a sales growth of 3 percent or less in recent years, and had a growth estimate of less than 3 percent for 2013, 24/7 Wall Street reported, citing Capital IQ data. Revenues at Lockheed rose only slightly from $46.5 billion in 2011 to $47.2 billion in 2012, according to the report. Other …
Tuesday, February 19, 2013
The retiring heads of two Lockheed Martin Corp. divisions will receive $1.2 million each in bonuses, the Washington Business Journal reports.
Two top retiring executives at the Bethesda-based Lockheed Martin Corp. will receive $1.2 million each in bonuses, according to a Washington Business Journal report. Lockheed executive vice president of Space Systems Joanne Maguire and executive vice president of Information Systems and Global Solutions Linda Gooden will receive the bonuses, according to the report, which cited a Securities and Exchange Commission filing. Neither will receive severance or termination benefits beyond the bonuses, according to the report. Both will stay on as employees through May 1. Gooden will also be reimbursed for penalties owed to the Internal Revenue Service after Lockheed mistakenly distributed a long-term incentive award she had chosen to defer. Read…
Friday, January 25, 2013
Former Lockheed Martin CEO will need to plant more than wildflowers, shrubs, grasses and 400 trees to replace the old, tall trees he took down last year on his property along the C&O Canal, the National Park Service says.
Having land doesn't always mean one may change it any way one wishes, especially if the land is part of a scenic easement overseen by the National Park Service. Former Lockheed Martin CEO Robert J. Stevens, who lives on an estate in the Merry-Go-Round Farm community overlooking the Potomac River and the C&O Canal in Potomac, cleared trees from 35,000 square feet of land this past summer, Potomac Patch reported last October. He claimed to have removed the trees for safety reasons after the June 29 derecho, The Washington Post reported in October. In response, Montgomery County officials fined him $1,000 "and pledged to come up with a plan that would force him to reforest the area," The Washington Post reported on Jan. 24. "After months of …
Tuesday, November 13, 2012
Incoming Lockheed Martin CEO resigned last week following an ethics investigation.
Christopher Kubasik, a top Lockheed Martin executive who resigned last week following an ethics investigation, will receive a $3.5 million separation payment,The Washington Post's Capital Business blog reports. The investigation revealed that Kubasik had a “lengthy, close, personal relationship” with a subordinate employee, according to the report. An employee who was not involved in the relationship came forward with the allegations, Lockheed’s CEO Bob Stevens said, according to the Washington Business Journal. Kubasik was set to take Stevens’ place as CEO in January. Kubasik will not receive a separate bonus for 2012, and “will forfeit any unvested stock options, unvested restricted stock units and long-term incentive performance awards …
Monday, November 12, 2012
CEO of Lockheed Martin said the company is "not in crisis" following the ethics-related resignation of a top executive, the Washington Business Journal reports.
Lockheed Martin CEO Bob Stevens revealed more details to reporters surrounding the ethics-related resignation of Christopher Kubasik, who had been the company's vice chairman, president and COO, The Washington Business Journal reports. Kubasik resigned Friday after an investigation conducted by an outside firm found he had a "close personal relationship" with a subordinate employee. He was set to succeed Stevens as CEO of the Bethesda-based defense giant in January. An employee who was not the person involved in the relationship came forward with the allegations in October, Stevens said, according to the Business Journal. Stevens called the employee "quite courageous" and said Lockeed would "not miss a beat" strategically, operationally or…
Recover from super storm. Check. Elect president. Check. Thaw turkey. Already?
Montgomery County dodged the Superstorm Sandy bullet, then sailed through Election Day without major delays or problems. Could Thanksgiving Day run as smoothly? Not likely at this reporter's house. But miracles do happen, especially around these 500 square miles as of late. We won't rehash the election results here. They're available on your favorite Patch site under the "News/Elections" tab. Suffice it to say, Democrats generally dominated and the state made national headlines with its ballot initiatives. We hope you've recovered sufficiently to get on with a long holiday season. If you found yourself distracted last week, there was plenty going on around here other than voting: Incoming Lockheed Martin CEO Resigns in Ethics Scandal On …
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Friday, November 9, 2012
Investigation revealed Christopher E. Kubasik, slated to become Lockheed's CEO in January, had a "close personal relationship" with a subordinate employee, Lockheed announced.
The incoming CEO of Bethesda-based defense giant Lockheed Martin resigned Friday after an ethics investigation revealed he had a "close personal relationship" with a subordinate employee, according to news reports. Lockheed Martin announced the resignation of Christopher E. Kubasik, the company's vice-chairman, president and COO. The announcement came the same day that President Obama accepted the resignation of Gen. David Petraeus from his position as director of the Central Intelligence Agency—also reportedly due to personal indiscretions. According to Petraeus' resignation letter, he quit because he had engaged in an extramarital affair, NBC News reported. At Lockheed Martin, Kubasik was slated to become the company's CEO in January. “…
Eric S.
9:59 am on Friday, April 12, 2013
Yeah, nothing against the company at all. You're right that they're big and need to work on a different timeline. I was just addressing the point that they're not going to grow anytime soon. They're also the biggest of their kind in an industry that is already hard to grow in, so it's not a shocker. And yeah, I expect any non-govt. work will be done via partnerships or buying smaller companies. … more ›