synopsis

Evan Scott, who has been with Lockheed Martin for over 26 years, will assume the role from Malave, effective immediately.

Lockheed Martin (LMT) shares were down over 4% as markets opened on Thursday after the company announced that its chief financial officer (CFO), Jesus ‘Jay’ Malave, will be stepping down to pursue ‘other opportunities.’

The leadership change comes just days before Lockheed is scheduled to release its first-quarter 2025 earnings on April 22.

Evan Scott, who has been with the defense giant for 26 years, including roles such as the company’s treasurer and CFO of two business areas, will take over for Malave effective immediately.

Malave, who joined Lockheed from L3Harris in February 2022, has served as the company’s CFO for just over three years. 

Evan Scott, a 26-year veteran of Lockheed, will succeed him. Scott, who has held various senior positions, including treasurer and CFO for two of Lockheed’s business areas, will step into the role effective immediately.

The company said it plans to reaffirm its 2025 guidance, excluding the evolving impact of tariffs. It also plans to provide an update on its Next Generation Air Dominance program and other strategic initiatives.

Lockheed is expected to report earnings of $6.30 per share on revenue of $17.82 billion, according to Koyfin data. 

On Wednesday, Morgan Stanley upgraded the stock to ‘Overweight’ from ‘Equal Weight’ and raised its price target to $575, up from $525, citing a more favorable defense sector outlook, as per TheFly.

The brokerage noted that investor caution around U.S. defense spending and potential government budget pressures has weighed on the sector. 

However, it also pointed to recent developments, such as the possibility of a $1 trillion U.S. defense budget and rising international demand, signaling stronger growth ahead.

Lockheed Martin’s stock has declined by more than 5.5% in 2025 and remains flat over the past 12 months.

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