Lockheed director Schneider steps down from defense contractor board

Lockheed director Schneider steps down

BETHESDA, Md. — Defense contractor Lockheed Martin said Thursday that director James Schneider was resigning immediately.

Lockheed said in a regulatory filing that Schneider, who settled a case with the Securities and Exchange Commission last month relating to his time as the chief financial officer of computer maker Dell Inc., was leaving “due to other professional commitments.”

Schneider, Dell’s CFO from 2000 to 2006, was part of a settlement with Dell and its founder, Michael Dell, over SEC claims that Dell Inc. fraudulently pumped up its profits in order to meet Wall Street targets.

A Lockheed spokesman said Schneider’s departure was voluntary.

Schneider joined Lockheed’s board in 2005, serving on committees that included audit and compensation. He is the chairman of Texas-based Horizon Bank SSB.

As part of the settlement, Schneider agreed to pay a $3 million penalty and accept a five-year suspension from working as an accountant for a public company.