Martin, an aviation pioneer organized a company around a airplane construction business and made it a major airframe supplier to U.S. military and commercial customers (Lockheed Martin, 2002). Martin Marietta was established in 1961 when Glen L. Martin Company merged with American "Marietta Corporation, a top supplier of building and road construction materials. The Lockheed Corporation was formed in 1932 after a restructuring of the airplane company.
Strategic Management.
Corporate Governance:.
According to Fenn & Greco (1997), the board of directors is a group of elected individuals whose primary responsibility is to act in the owner's interests by formally monitoring and controlling the corporation's top level executives. Lockheed Martin's board of directors is classified as insiders. According to Fenn & Greco (1997), insiders are active top-level managers in the corporation who are elected to the board because they are a source of information about the firm's day-to-day operations. With this in mind let's talk about Lockheed Martin's board of directors. .
Vance D. Coffman is Chairman of the Board and Chief Executive Officer of Lockheed Martin. He was elected to this current position in April 1998. He has been elected on several corporate leadership positions that include president, chief operating officer, and executive vice president. Dr. Coffman joined Lockheed's Space Systems Division serving as a guidance and control systems analyst in 1957(Lockheed Martin, 2002). His achievements as a leader in the development of major space programs and large ground data processing systems, earned him a promotion to vice president in 1985 and a promotion to division vice president and assistant general manager in 1987. Then in 1988 he became president of the space systems division. He was elected to Board of Directors of 3M in February 2002, Bristol "Myers Squibb in January 1998, and the United Negro College Fund in October 2001(Lockheed Martin, 2002).
