Lockheed Martin announced on Tuesday that the company’s board of directors has elected Patricia E. Yarrington to the board. Yarrington possesses 38 years of executive experience and recently retired as Chevron Corporation's chief financial officer.
"Pat brings a wealth of expertise to the board, having served at the highest levels of a leading global company guiding financial strategy and capital allocation," said James Taiclet, Lockheed Martin’s chairman, president and CEO.
"Her insight will be a tremendous asset as we continue to pioneer advances in the innovative technologies that will deter the threats of the 21st century while creating new value for shareholders and customers,” added 2021 Wash100 Award recipient Taiclet.
Lockheed’s board decided that Yarrington is an ‘independent director’ in accord with the New York Stock Exchange listing standards, the rules and regulations of the Securities and Exchange Commission (SEC), along with Lockheed’s corporate governance guidelines. Yarrington also meets the SEC's criteria of an ‘audit committee financial expert.’
Yarrington served as Chevron’s vice president and treasurer from 2007 to 2008. She was the vice president of Policy, Government and Public Affairs from 2002 to 2007 and vice president of Strategic Planning from 2000 to 2002.
She also served on the boards of directors of Chevron Phillips Chemical Company and the Federal Reserve Bank of San Francisco, serving as the chairman of the Bank's board between 2013-2014.
