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Lockheed Shareholders to Vote on Separating CEO, Chairman Duties

In a Dec. 19 filing with the Securities and Exchange Commission, Lockheed Martin Corp. (NYSE: LMT) indicated it has received several proposals from its shareholders for the company to separate the roles of CEO and chairman of the board of directors.

Robert Stevens currently holds both positions at the company.

Company shareholders will now vote on the measure at an annual spring meeting, as at least one of the proposals will be included in the company’s 2012 proxy statement.

If the measure passes, the company will appoint an independent chairman who does not also serve as a company executive.

A 2010 report by executive search firm Spencer Stuart found 40 percent of S&P 500 companies have independent chairmen, up from 37 percent in 2009 and 23 percent in 2000.

Raytheon Co. (NYSE: RTN) and IBM Corp. (NYSE: IBM) have recently received similar requests from one of the filers, the American Federation of State, County and Municipal Employees.

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