Lockheed Martin 2011 Annual Report Download - page 7

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V2011 Annual Report
with the $487 billion already cut from the
budget, sequestration would result in almost
a trillion-dollar reduction in defense spending
over the next decade. Secretary Panetta has
said that cuts of that magnitude would have
catastrophic consequences to U.S. defense
and would severely erode America’s industrial
base. We agree. We must not let an automatic
budget trigger become the dominant force for
allocating resources and shaping the nation’s
security posture.
We are strengthening the enterprise by
adhering to a strategy that puts a premium on
execution. Our relentless focus on execution
is a signifi cant factor in reducing the cost of
doing business, and our remarkable record
of innovation continues to play a pivotal role
in keeping our portfolio relevant. Innovation
allows us to build on our core, move quickly
and smartly as new opportunities arise, and
meet affordability goals.
As we look ahead, we recognize that we
are operating at a critical infl ection point as
America and her allies confront an emerging
national and global security landscape. We
have devised a strategic blueprint based on
four imperatives: Secure, Extend, Expand,
and Enable. This strategy, which leverages the
strength of our portfolio, will pave the way
through what will be, at times, an uncertain
voyage. It will:
• Secure our existing programs by performing
with excellence. Additionally, we must
continue to have candid dialogues with
our customers and the highest degree of
transparency on all our programs.
• Extend the value of our platforms by
shaping follow-on business and tailoring our
existing capabilities for new applications. We
should also continue to seek and implement
innovative business models.
• Expand our position within targeted
segments with market-based strategies. This
also means more pursuits internationally, and
greater synergies between Lockheed Martin
products.
• Enable meaningful growth through adjacent
market opportunities. We want to focus on
markets that will move the needle for us.
Over the course of a century, we have made
extraordinary contributions, working with
our customers, to meet our nation’s greatest
challenges: victory in war, prosperity in peace,
exploration of the universe, and effective
government services for our citizens. From
building some of the very fi rst aircraft for the
U.S. military … to sending spacecraft across
the solar system … to meeting the diverse
needs of the U.S. Government and its allies
today, the men and women of Lockheed Martin
have always risen to the occasion with iconic
technical achievements.
We have no doubt we will continue to build on
that record, serving with distinction, remaining
true to our values, and helping to make the world
a safer, better place for the next 100 years.
February 23, 2012
Robert J. Stevens
Chairman and Chief Executive Offi cer
Christopher E. Kubasik
President and Chief Operating Offi cer
Robert
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Ch i t h E K b ik