(RTTNews) - Lockheed Martin Corp. (LMT) announced Monday that its Board of Directors have elected James Taiclet as president and CEO, effective June 15. Taiclet will continue to serve as a member of the corporation's board, which he joined in 2018.

Taiclet will succeed Marillyn Hewson, who has served as chairman since 2014 and president and CEO since 2013. Hewson will become executive chairman of the board, also effective June 15, subject to her re-election to the board by the stockholders at the upcoming annual meeting.

Most recently, Taiclet served as chairman and president of American Tower Corp. (AMT) since 2004 and CEO since 2003. He guided the company's transformation from a primarily U.S. business to a global player in its industry, with significant assets and operations in 19 countries.

Prior to joining American Tower in 2001, Taiclet was president of Honeywell Aerospace Services, a unit of Honeywell International, and prior to that was vice president, engine services at Pratt & Whitney, a unit of United Technologies Corp. He was also previously a consultant at McKinsey & Co.

Additionally, Frank St. John, the current executive vice president of Lockheed Martin's Rotary and Mission Systems (RMS) business, was elected by the board to serve as chief operating officer. He will report directly to the new CEO and president.

Stephanie Hill, senior vice president, Enterprise Business Transformation, was appointed to succeed St. John as executive vice president, RMS. Their appointments are also effective June 15.

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