Falk elected as Lockheed board's independent lead director

Lockheed Martin announced this week that Thomas Falk had been elected as independent lead director of the board.

Falk succeeds Daniel Akerson who, along with James Ellis, retired from the board following the company's annual stockholders meeting.

Falk has served on Lockheed's board of directors since 2010 and as Audit Committee chair since 2015. As independent lead director, he "will assume all duties and responsibilities of that position, including presiding over executive sessions of independent directors, approving agendas for board meetings and providing feedback to management," according to a company statement.

He will also chair the board's Nominating and Corporate Governance Committee and serve as ex officio member of each of the other committees. As part of Falk's election as independent lead director, Patricia Yarrington has been appointed chair of the board's Audit Committee, the company said.