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Vance D. Coffman served as CEO of Lockheed Martin until August 2004. He began his journey at the company 37 years earlier as an aerospace engineer and climbed the ranks due to his strategic thinking and strong leadership. His time...

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Vance D. Coffman

Ex-CEO of Lockheed Martin

Education

Ph.D. in Aeronautics and Astronautics from Stanford University

Field of Expertise

Technology & Engineering - Engineering

Sector of Economy

Industrials

Born

October 4, 1940 - 84 years ago

CEO of Lockheed Martin for

6 years 7 months (Jan 1998 - Aug 2004)

Previous Experience

Aerospace engineer and various leadership positions at Lockheed Martin

Holdings

See how much did Vance D. Coffman make over time.

Coffman's stock options painted a picture of an executive with significant investments in his company. In 2004, he received 375,000 stock options, which allowed him to retain value in Lockheed Martin after his retirement. His retirement package was impressive, boasting...

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Compensation History

See how much did Vance D. Coffman make over time.

In his final year as CEO, Coffman received a total compensation package of $5.1 million, with $1.26 million in salary and an impressive $2.3 million in bonus based on performance metrics. He also received stock options valued at around $5.9 million, which facilitated his wealth accumulation during his tenure. His executive compensation strategy aimed to attract and retain talent while aligning executives' interests with those of the company's shareholders. Following his retirement, he continued to receive significant payouts, culminating in a massive $31 million retirement package, representing both his long service and influence within the company.

Year

2004

Total Compensation

$3.91M

Salary

$1.26M

Board Justification

The compensation philosophy aims to attract, motivate, and retain talented executives while aligning their interests with stockholders and ensuring competitive compensation.

Bonus

$2.30M

Board Justification

Bonus awarded for performance prior to retirement on September 1, 2004, recognizing successful financial, operational, and strategic performance.

Other

$350.76K

Board Justification

Includes contributions to retirement plans and other benefits.

Restricted Stock

$0.00(0 N/A)

Board Justification

No restricted stock was vested in 2004 as per the provided information.

Performance Metrics

Performance metrics included financial goals, mission success, and corporate objectives.

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