Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Former top U.S. general Dunford joining Lockheed Martin's board

Published 01/24/2020, 05:30 PM
Updated 01/24/2020, 05:34 PM
Former top U.S. general Dunford joining Lockheed Martin's board

By Mike Stone

WASHINGTON (Reuters) - The former top U.S. military official, General Joseph Dunford, has been elected to the board of Lockheed Martin Corp (N:LMT), the Pentagon's largest weapons supplier, the company said on Friday.

Dunford, who served as Chairman of the Joint Chiefs of Staff from 2015 to 2019, will join the board of the F-35 fighter jet maker on Feb. 10. He left the Pentagon last year.

Critics of U.S. military spending have long complained of a revolving door between Pentagon leadership and the defense industry. Secretary of Defense Mark Esper was a lobbyist for missile maker Raytheon (N:RTN) before taking the job last year and his predecessor Patrick Shanahan was an executive at Boeing (N:BA).

"His experience in complex, global operations and risk management, including cybersecurity threats, is a tremendous asset and will enhance board oversight in key business areas," Marillyn Hewson, chairman, president and CEO of Lockheed Martin said in a statement.

Before serving as principal military adviser to the president, secretary of defense, and U.S. National Security Council starting in 2015, Dunford was the commandant of the Marine Corps.

Dunford commanded the 5th Marine Regiment during Operation Iraqi Freedom and had also served as the commander of all U.S. and NATO forces in Afghanistan.

Lockheed, based in Bethesda, Maryland, will expand its board to 12 members in order to include Dunford. It can increase its board to up to 14 members according to the company's bylaws.

The former top officer will serve on the company's classified business and security committee as well as corporate governance.

Dunford, a Marine, has a master's degree in government from Georgetown University and in international relations from the Fletcher School of Law and Diplomacy.

Former energy executive Debra Reed-Klages joined Lockheed's board in November. The company is due to announce its fourth quarter and year end financial results on Tuesday.

Latest comments

Good for LMT shareholders.
Nepotism, short and simple. Dunford should be ashamed.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.