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In page Lockheed Corporation:

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On December 13, 1926, Allan Loughead, John Northrop, Kenneth Kay and Fred Keeler secured funding to form the Lockheed Aircraft Company in Hollywood (spelled phonetically to prevent mispronunciation).[3] This new company utilized some of the same technology originally developed for the Model S-1 to design the Vega Model. In March 1928, the company relocated to Burbank, California, and by year's end reported sales exceeding one million dollars. From 1926 to 1928 the company produced over 80 aircraft and employed more than 300 workers who by April 1929 were building five aircraft per week. In July 1929, majority shareholder Fred Keeler sold 87% of the Lockheed Aircraft Company to Detroit Aircraft Corporation. In August 1929, Allan Loughead resigned.[citation needed]