FORT WORTH, Texas - Lockheed Martin (NYSE:LMT) has named Chauncey McIntosh as the new vice president and general manager of the F-35 Lightning II Program, effective December 1, the company announced today. McIntosh will take over from Bridget Lauderdale, who is set to retire at the year's end after a 38-year tenure with Lockheed Martin.
McIntosh brings over two decades of experience in business, program management, engineering, and customer engagement to his new role. His responsibilities will include enhancing the F-35's capabilities and reliability, showcasing the program's progress, and meeting the high standards of quality and affordability expected by U.S. and international customers.
Prior to his latest appointment, McIntosh served as the vice president and deputy of the F-35 program. He has a history of leadership within the company, including his role as head of Lockheed Martin's Integrated Warfare Systems & Sensors business, where he was instrumental in transforming Aegis Weapon System software development. Additionally, he led the company's Training and Logistics Solutions, focusing on the F-35's mission readiness and sustainment programs.
McIntosh's educational background includes a bachelor's degree in electrical engineering from the Georgia Institute of Technology and an MBA from American InterContinental University. His full biography is available on Lockheed Martin's website.
Greg Ulmer, president of Lockheed Martin Aeronautics, praised McIntosh's leadership qualities and emphasized the importance of such appointments for advancing the company's security solutions and meeting customer needs.
The F-35, described as the most advanced and connected fighter aircraft in the world, plays a vital role in maintaining air dominance for the U.S. and its allies. Nineteen global customers have selected the F-35 for its 5th Generation capabilities, with over 1,000 aircraft currently operational and accruing more than 922,000 flight hours.
Lockheed Martin, a leading global defense technology company, focuses on innovation and scientific discovery, providing all-domain mission solutions. The information for this article is based on a press release statement.
In other recent news, Lockheed Martin has been the focus of several financial adjustments by analysts. Seaport Global Securities raised the company's price target from $577 to $670, while RBC Capital Markets upped their target from $600 to $675, and Deutsche Bank increased theirs from $600 to $620. These adjustments come ahead of Lockheed Martin's third-quarter results, with analysts suggesting the company's earnings might not meet market consensus due to the absence of the F-35 lot 18 contract.
In addition, Lockheed Martin's board has authorized an increase in its quarterly dividend and a $3 billion expansion of its share repurchase program. The company's recent financial strategies could influence investor sentiment. Lockheed Martin has also been selected by NASA for a $297 million contract to build next-generation GeoXO Lightning Mapper instruments for future weather satellites.
United Launch Alliance, a collaboration between Lockheed Martin and Boeing (NYSE:BA), successfully completed the second launch of its Vulcan rocket, marking a major step towards Pentagon mission certification. Lockheed Martin is also attracting attention from the Philippines' military modernization program, which has committed $35 billion over the next decade to enhance its military capabilities. These are some of the recent developments involving Lockheed Martin.
InvestingPro Insights
As Lockheed Martin prepares for this significant leadership transition in its F-35 program, investors may find additional context from InvestingPro's real-time data and tips particularly insightful.
According to InvestingPro, Lockheed Martin has demonstrated strong financial performance and shareholder-friendly policies. The company has raised its dividend for 22 consecutive years and has maintained dividend payments for an impressive 41 consecutive years. This consistent dividend growth aligns well with the company's long-term stability, as evidenced by Lauderdale's 38-year tenure and the ongoing success of programs like the F-35.
InvestingPro Tips also highlight that Lockheed Martin's management has been aggressively buying back shares. This strategy, combined with the dividend policy, suggests a strong commitment to returning value to shareholders, which may be particularly appealing to investors looking for stable, long-term holdings in the defense sector.
It's worth noting that Lockheed Martin is trading near its 52-week high, reflecting investor confidence in the company's performance and outlook. This aligns with the positive momentum surrounding the F-35 program, which has seen significant adoption globally with over 1,000 aircraft operational.
For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for Lockheed Martin, providing a deeper understanding of the company's financial health and market position.
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