Taiclet, 59, a board member at Lockheed since 2018, has most recently led the real estate investment trust American Tower, previously working as Honeywell and serving in the United States Air Force, where he served a tour of duty during the Gulf War.

He will begin as CEO on June 15.

Hewson, 66, among the most prominent female CEOs, will serve as executive chairman, subject to her reelection at the upcoming annual meeting.

"I know it is the right time to transition the leadership of Lockheed Martin," Hewson said in a press release.

"The corporation is strong, as evidenced by our outstanding financial results last year and a record backlog of business."