NEW YORK--(BUSINESS WIRE)--Fortress Value Acquisition Corp. (NYSE: FVAC), a special purpose acquisition company sponsored by an affiliate of Fortress Investment Group LLC, today announced that Maryanne Lavan, Senior Vice President, General Counsel and Corporate Secretary for Lockheed Martin Corporation, and Connie Duckworth, former Partner and Managing Director of Goldman Sachs, have agreed to join the board of directors of MP Materials Corp., which will be the combined company upon the consummation of FVAC’s previously announced merger with MP Materials.
Mses. Lavan and Duckworth will join other incoming Board Members James Litinsky, Chairman and CEO of MP Materials; General Richard Myers, former Chairman of the Joint Chiefs of Staff; Drew McKnight, CEO of FVAC and Managing Partner of the Credit Funds at Fortress Investment Group LLC; Randy Weisenburger, former CFO of Omnicom Group, and Dan Gold, CEO of QVT Financial LP, as part of a dynamic board of directors with diverse and complementary backgrounds in areas critical to MP Materials’ business.
“We are thrilled to have Maryanne and Connie join our board of directors,” said James Litinsky. “Maryanne’s experience as a member of Lockheed Martin’s senior management and Connie’s deep financial and operational expertise will be immensely valuable as we transform this critical, world-class asset into a strong industrial enterprise that will onshore jobs and power the growth of industries central to our national and economic security.”
“MP Materials is uniquely positioned to restore a sustainably-sourced rare earths supply chain to the United States, which will provide substantial strategic and competitive benefits to some of our fastest-growing and most technologically advanced industries, including the defense sector,” said Maryanne Lavan. “I am pleased to join the board at this important time in the company’s development.”
“I look forward to working with the management team and fellow board members in guiding the disciplined execution of MP Materials’ growth strategies and broadening relationships with government and industries vital to our nation’s economic future,” said Connie Duckworth. “I am energized not only by the business potential of MP Materials, but by the clear benefits the company’s success will provide for our national interests more broadly.”
Ms. Lavan is the Senior Vice President, General Counsel and Corporate Secretary of Lockheed Martin Corporation (NYSE: LMT), a global security and aerospace company principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services operating in four business segments: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems and Space. In this role, she is responsible for the legal affairs and law department of Lockheed Martin, including serving as counsel to its senior leadership and Board of Directors. She previously served as the Vice President of Corporate Internal Audit for Lockheed Martin, providing independent assessments of governance, internal controls, and risk management. She joined Lockheed Martin in 1990. Ms. Lavan graduated magna cum laude from the State University of New York at Albany with a Bachelor of Science degree. She received her juris doctor degree from the Washington College of Law, American University. Ms. Lavan is a member of the Public Contract Law Section of the American Bar Association. She serves on the governing bodies for the Leadership Council on Legal Diversity, Equal Justice Works, Council for Court Excellence, University at Albany Foundation, and Fordham University.
Ms. Duckworth is a former Partner and Managing Director of Goldman Sachs, and retired in 2000, following a nineteen-year career. She was named Partner in 1990, the first woman sales and trading partner in the firm’s history. After Goldman Sachs, Ms. Duckworth founded ARZU in 2004 to empower destitute women weavers in rural Afghanistan and served pro bono as its Chairman and CEO until its merger with UK-based Turquoise Mountain in 2019. Ms. Duckworth is a Trustee of Equity Residential (NYSE: EQR) in Chicago and a Director of Steelcase Inc. (NYSE: SCS) in Grand Rapids, Michigan. Previously, she served on the Boards of Directors of Northwestern Mutual, Russell Investment Group, Nuveen Investments, Smurfit Stone Container Corporation, and DNP Select Income Fund. In her philanthropic work, Ms. Duckworth is a Trustee of the University of Pennsylvania, an Overseer of The Wharton School, and a member of the International Board of Advisors of the University of Texas at Austin. She serves on the Board of NorthShore University HealthSystem, in Evanston, Illinois, where she was the first and only woman Chairman of the Board. She is a founding member of the U.S.-Afghan Women’s Council in Washington, D.C., and a member of the Bush Institute’s Women’s Initiative Policy Advisory Council in Dallas. The recipient of numerous awards for leadership, social impact and innovation, Ms. Duckworth holds an M.B.A. from the Wharton School and a B.A. from the University of Texas at Austin.
On July 15, 2020, FVAC announced a definitive agreement to merge with MP Materials. Upon completion of the transaction, the combined company will be named MP Materials Corp. and will remain NYSE-listed under the new ticker symbol "MP". On August 27, 2020, FVAC filed with the U.S. Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 (the “Registration Statement”), which includes a preliminary proxy statement/consent solicitation/prospectus in connection with the proposed merger. The transaction has been approved by the FVAC Board of Directors and remains subject to shareholder approval, the Registration Statement being declared effective by the SEC, and other customary closing conditions. The transaction is expected to close in the fourth quarter of 2020.
About MP Materials
MP Materials is the owner and operator of the Mountain Pass Rare Earth Mining and Processing facility, the only integrated site of its kind in the Western Hemisphere. With over 250 employees, MP Materials produces approximately 15% of global rare earth materials, essential for the development of technologies such as defense systems, smartphones, drones, and electric vehicles. It operates a green mining and processing facility and is currently one of the lowest-cost producers of rare earth concentrate. MP plays a leadership role in advocating for a more robust and competitive rare earths industry in the U.S. More information is available at https://mpmaterials.com/.
About Fortress Value Acquisition Corp.
Fortress Value Acquisition Corp. is a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.