Lockheed Martin elects Yarrington to board of directors

Lockheed Martin Corporation (NYSE: LMT), a defense contractor with a major presence in Central New York, recently announced that its board of directors has elected Patricia E. Yarrington to the board. 

Yarrington recently retired as Chevron Corporation’s chief financial officer, following 38 years of work. At Chevron, Yarrington served as VP and treasurer from 2007 through 2008; VP of policy, government, and public affairs from 2002-2007; and VP of strategic planning from 2000-2002. Previously, she served on the boards of directors of Chevron Phillips Chemical Company LLC (a 50-50 joint venture with Phillips 66) and the Federal Reserve Bank of San Francisco, serving as the chairman of its board between 2013 and 2014. 

Lockheed Martin said its board determined that Yarrington is an “independent director” in accordance with the New York Stock Exchange listing standards, the rules and regulations of the Securities and Exchange Commission (SEC), and the corporation’s corporate-governance guidelines, and that she meets the SEC’s criteria of an “audit committee financial expert.” Yarrington will serve on Lockheed’s Audit Committee and Management Development and Compensation Committee.

Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs about 114,000 people worldwide. In Central New York, the defense contractor has plants in Salina and Owego.