Lockheed Martin (NYSE: LMT) announced that Greg Ulmer, president of its Aeronautics division, will retire after more than 30 years with the company. Orlando Sanchez Jr. will assume the role effective June 1.

Ulmer began his career at Lockheed Martin as a flight test engineer and worked across the company's aircraft programs before leading the Aeronautics division. The Aeronautics business generates $30 billion in revenue and employs more than 35,000 people.

Sanchez joined Lockheed Martin in 2014 following a career as an Air Force officer and F-22 combat fighter pilot. He most recently led Skunk Works, the company's advanced development programs division.

"OJ has demonstrated steadfast leadership and a passion for performance and the mission -- we look forward to his continued impact as he leads Aeronautics into its next chapter," said Jim Taiclet, Lockheed Martin's chairman, president and CEO.

Ulmer will serve as a strategic advisor during the transition period. The leadership change was announced in a company press release.

"I am honored to step into the role of president of Lockheed Martin Aeronautics and grateful for the trust placed in me," Sanchez said in the announcement.