FORT WORTH, Texas - Lockheed Martin (NYSE: NYSE:LMT), a prominent player in the Aerospace & Defense industry with a market capitalization of $114.5 billion and annual revenue of $71.3 billion, announced today the appointment of OJ Sanchez as vice president and general manager of its renowned Skunk Works® division and Mike Shoemaker as vice president and general manager of the Integrated Fighter Group. The leadership changes come into effect immediately, with both Sanchez and Shoemaker beginning their new roles on Monday.
Sanchez, succeeding John Clark who has moved to a senior role in Technology and Strategic Innovation, will be responsible for advancing technology development and integration for Skunk Works®, known for its secrecy and innovation in aerospace. Prior to this appointment, Sanchez led the Integrated Fighter Group and has a background as a U.S. Air Force F-22 pilot. His tenure at Lockheed Martin has been marked by significant developments in the F-16 Block 70 program and enhancements to the F-22's capabilities.
Shoemaker takes over from Sanchez to oversee the development and sustainment of several key fighter programs including the F-16, F-22, T-50, KF-21, F-21, and F-2. Before joining Lockheed Martin in 2018, Shoemaker had a distinguished 35-year career in the U.S. Navy, culminating in his role as Commander, Naval Air Forces. His recent role involved managing the strategic direction of the F-35 program for U.S. and international customers.
Greg Ulmer, president of Lockheed Martin Aeronautics, expressed confidence in both leaders, highlighting their combined experience as crucial for driving innovation and maintaining Lockheed Martin's competitive edge in air dominance technology. The company's stock, which trades with notably low volatility (Beta 0.48), currently offers a dividend yield of 2.82% and trades at a P/E ratio of 17.4.
Lockheed Martin, a global defense technology company, emphasizes its commitment to delivering all-domain mission solutions and advancing scientific discovery. The leadership appointments are part of the company's strategy to ensure continued innovation and effective delivery of airpower capabilities.
This announcement is based on a press release statement from Lockheed Martin.
In other recent news, Lockheed Martin has made significant strides in various areas. The company announced the establishment of a new subsidiary, Astris AI, dedicated to providing AI solutions for the U.S. defense industrial base. Lockheed Martin also debunked rumors of a potential cancellation of its $1 trillion F-35 fighter jet contract, asserting these allegations as false. In a financial move, the company completed the sale of $1 billion in senior unsecured notes.
Lockheed Martin's subsidiary, Sikorsky, is set to demonstrate its MATRIX™ flight autonomy system using an Optionally Piloted UH-60 Black Hawk® helicopter in a series of demonstrations scheduled throughout 2025. In earnings news, the company reported strong results, surpassing estimated third-quarter earnings per share of $6.50 with an EPS of $6.80, and increased its full-year 2024 revenue guidance by 0.4% to approximately $71.25 billion.
In response to these developments, Jefferies maintained a Hold rating on Lockheed Martin but reduced the company's price target from $590.00 to $580.00. These recent developments highlight Lockheed Martin's ongoing activities and strategies in the defense sector.
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