Lockheed Martin Corporation (LMT, Financial) has announced a significant change in its executive leadership team. On April 17, 2025, the company revealed that Jay Malave, the current Chief Financial Officer, will be departing to pursue other opportunities outside of the organization. The departure is not related to any financial or accounting issues or disagreements with the company's operations, policies, or practices.
In conjunction with this announcement, Lockheed Martin has appointed Evan T. Scott as the new Chief Financial Officer, effective immediately. Mr. Scott, aged 48, brings a wealth of experience to the role, having served as Vice President and Chief Financial Officer of the Missiles and Fire Control business segment since January 1, 2024. His previous roles within the company include Vice President and Treasurer, Vice President of Finance and Business Operations of the Space business segment, and Vice President and Controller of the Missiles and Fire Control business segment.
As part of his new role, Mr. Scott's compensation package has been adjusted to reflect his responsibilities. Effective April 21, 2025, his base salary will be increased to $850,000, with a target annual incentive award set at 125% of his base salary under the Lockheed Martin Corporation Management Incentive Compensation Plan. Additionally, he will be eligible for a long-term incentive award in 2026, subject to approval by the company's Management Development and Compensation Committee. These changes align with Lockheed Martin's executive compensation philosophy, which considers the market rate of its comparator group of companies.
This leadership transition marks a new chapter for Lockheed Martin as it continues to strengthen its financial leadership and strategic direction.
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