The Board of Directors elected Taiclet, who will continue to serve as a member of the corporation’s board. Previously, Taiclet served as chairman, president and CEO of American Tower Corporation. During his presidency, American Tower grew significantly and increased its market capitalization from US$2 billion to $100 billion.

Taiclet will succeed Marillyn Hewson who has served as Chairman, President and CEO since 2014. Hewson will become executive chairman of the board.

Hewson said: "I know it is the right time to transition the leadership of Lockheed Martin. The corporation is strong, as evidenced by our outstanding financial results last year and a record backlog of business. We have a bright future – particularly with Jim and our outstanding leadership team at the helm. I'm pleased the board agreed with my recommendation. As Lockheed Martin's next CEO, Jim will lead the company forward in its next phase of growth and value creation." 

Taiclet added: "I'm honored to be asked to succeed one of the most respected CEOs in America. While serving on Lockheed Martin's board, I've not only been impressed by the company's continued growth as a leader in aerospace & defense but also by the dedication and commitment of Marillyn and Lockheed Martin employees to deliver for its customers. As a military veteran, I understand the mission of this great company to provide global security and innovative solutions for the brave men and women who protect our freedom."