The Lockheed Martin board of directors has elected Robert J. Stevens as President and Chief Executive Officer, effective today. This action follows an announcement on March 1 regarding Vance Coffman's intent to retire after 37 years with the company, including seven years as CEO.

Coffman will serve as the board of director's non-employee Chairman until April 2005. Stevens assumes his new duties as CEO while retaining his position as President.

Headquartered in Bethesda, Md., Lockheed Martin employs about 130,000 people worldwide and is principally engaged in the research, design, development, manufacture and integration of advanced technology systems, products and services. The corporation reported 2003 sales of $31.8 billion.

  Editor's Note:

  Robert Stevens' full biography -
  http://www.lockheedmartin.com/stevens

  Robert Stevens' high-res photo -
  http://www.lockheedmartin.com/data/assets/3410.jpg

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                      http://www.lockheedmartin.com/

SOURCE: Lockheed Martin