Marcus C. Bennett to Retire as Lockheed Martin Chief Financial Officer; To be Succeeded by Philip J. Duke
BETHESDA, MD, October 22nd, 1998 -- Marcus C. Bennett, executive vice president and chief financial officer of Lockheed Martin, today notified the Corporation's board of directors of his intention to retire effective January 31, 1999, after 40 years service. Philip J. Duke, currently vice president, finance, will succeed Bennett as vice president and CFO. Bennett will remain on the Lockheed Martin board of directors. "In a career spanning four decades, with the last 10 years as CFO, Marc Bennett has earned an enviable reputation as a financial and strategic leader. Through a series of mergers, acquisitions and divestitures, Marc was a principal architect in the re-engineering of first Martin Marietta, then Lockheed Martin. The resulting corporation is a frontrunner in American business," said Vance Coffman, chairman and chief executive officer of Lockheed Martin. "Marc Bennett is creative, dynamic and resourceful, and just as importantly, a consummate gentleman. We look forward to having continued access to his wise counsel on our board of directors.
"We also are served well by having Phil Duke in line to continue the many important initiatives he and Marc Bennett have identified as crucial to the continued growth and strength of Lockheed Martin. Since being named to his current position over two years ago, Phil has been an important, active participant in all major strategic and financial decisions of the Corporation," Coffman said. Bennett, who will be 63 in January, joined the heritage Martin Marietta Corporation in 1959 and subsequently served in increasingly responsible financial positions at operating divisions and corporate headquarters. He was elected Martin Marietta corporate vice president, finance in 1984, and chief financial officer in 1988. He became a member of Martin Marietta's board of directors in 1993. Bennett was elected to his current position following the 1995 merger of Martin Marietta and Lockheed.
A native of Atlanta, Georgia, Bennett received his bachelor of science degree in industrial management from the Georgia Institute of Technology. He is a member of the board of directors of Carpenter Technology, Inc., COMSAT Corporation and Martin Marietta Materials. He also is a member of the board of directors of the Private Sector Council and Georgia Tech Advisory Board.
"Marc has had a truly distinguished career and we wish him all the best as he retires to pursue personal and family interests," Coffman said.
Philip J. Duke, 53, began his career at the Space Systems Division of Ford Aerospace in 1968 as a financial analyst. After progressing to the head of financial analysis on the Ford Aerospace corporate staff, Duke joined Martin Marietta in 1978 as vice president, business, for the Electronics & Missiles Group in Orlando, Florida. He moved to Martin Marietta corporate headquarters in 1987 as vice president, finance. He subsequently became vice president and CFO of Martin Marietta Electronics Group. Following the Lockheed/Martin Marietta merger, he was named vice president and CFO for the Corporation's Space & Strategic Missiles Sector. He was elected an officer of the Corporation in 1994. He was named vice president, finance for Lockheed Martin in 1996, responsible for virtually all essential financial functions of the Corporation, including the treasury, controller and contract policy functions.
Duke is a member of the board of directors of Lockheed Martin Intersputnik and Space Imaging, Inc. Born in Portland, Oregon, he is a graduate of the University of Oregon with a bachelor of science degree. He received his MBA from Northwestern University.
"Phil Duke brings seasoned financial acumen and an impressive array of accomplishments to his new position," said Coffman. "With a business plan calling for Lockheed Martin to produce superior shareholder returns, I am fully confident that his leadership and financial skills will be essential elements in our success."