Lockheed Martin Corp. has hired Paul Colonna as chief investment officer and president of the unit responsible for its $70 billion retirement fund, the firm announced Monday.
Colonna — a former State Street Corp. executive — fills a role that has been empty since at least June. He will begin his new job at the security and aerospace company on January 7.
His predecessor Chris Li formally exited June 30, after seven years at the helm of Lockheed Martin Investment Management Co. Li retired, the company said, leaving without a named successor.
The defense contractor conducted the CIO search without an outside recruiter’s help, according to two people approached about the opening, who declined to be identified because the search process was private.
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Colonna, 50, has been a CIO at two major asset management firms and a pension fund trustee, his LinkedIn profile shows, but this will be his first full-time position as an institutional asset owner.
He built his career at GE Asset Management, rising to president and CIO over 16 years at the firm, according to LinkedIn. State Street Global Advisors — the financial firm's investment arm — bought GE Asset Management in 2016 as the industrial giant shed financial assets in an effort to simplify its business.
Colonna and about 270 of his GE colleagues joined State Street Global Advisors after the deal closed that year, according to an announcement at the time. He became CIO of fundamental equities, responsible for $30 billion and 80 investment professionals. Colonna stayed at State Street for two years before leaving in September.
“Paul is an experienced investment officer and will provide the vision, leadership, and management expertise for Lockheed Martin’s investments,” Bruce Tanner, the company’s financial officer, said in Monday’s statement.
Colonna added that he his is “very honored to be joining the team” and looks forward to “continuing the strong culture of providing superior financial outcomes for the company and the plan beneficiaries.”