Lockheed Martin 2003 Annual Report Download - page 7

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Lockheed Martin’s values are translated into action through our community and educational activities
that help ensure that we as a corporate citizen give back to the communities where we work and live.
The people of Lockheed Martin stood as one company in our response to the shootings in Meridian,
Mississippi, and assisted those families affected by the tragedy. A year after the loss of the Space Shuttle
Columbia, we honor the memory of the heroes who flew aboard that mission and stand with NASA in
their commitment to manned and unmanned space exploration to the moon and beyond.
As a corporation with a long history of serving the armed forces of the United States, we are acutely
aware of the sacrifices our servicemen and women make every day in the defense of freedom. Our manage-
ment team and the entire corporation salute those who are serving abroad and in the United States, including
the nearly 300 Lockheed Martin employees now on active military duty, as well as the Lockheed Martin
employees working in Iraq and worldwide.
In summary, we are confident your company is well positioned for the future with:
■Leadership in Defense, Homeland Security, Government Information Technology and Services
growth markets, as well as space systems and exploration.
■A broad portfolio of capabilities and programs that provide total systems solutions for customer
challenges.
■A strong backlog plus substantial new business opportunities.
■Consistent financial performance and strong cash flow.
■Cash deployment to enhance shareholder value.
Lockheed Martin’s reputation as a dynamic enterprise serving our customers’, our nation’s and our
allies’ most important priorities will be enhanced by adhering closely to a strategy that focuses on financial
and operational performance, as well as the highest standards of business ethics. At the same time, we
remain keenly aware of opportunities to grow our core businesses.
On a closing note, I recently announced my retirement as CEO, effective in August 2004. My 37 years
with Lockheed Martin have been filled with challenge, wonder and tremendous gratification. The personal
pride I feel for this company is exceeded only by the deep appreciation I have for its amazing 130,000
employees. The consolidation of the defense industry has led us through a challenging period in our history.
All of you — our shareholders, customers and employees — have seen our corporation meet those
demands and become stronger as a result.
Having served seven years at the helm, it is now time for new leadership to take us to the next level of
performance. Bob Stevens will assume leadership of Lockheed Martin upon my retirement and his energy,
skill and business acumen will continue to serve you well. I am sure Bob will be a great leader, bringing
fresh thinking and perspective to our company and our industry. I leave confident that the future of
Lockheed Martin is indeed bright and the best years are ahead.
March 1, 2004
Vance D. Coffman
Chairman and Chief Executive Officer
LOCKHEED MARTIN ANNUAL REPORT 2003 — 5