Lackey earned his bachelor's degree in Mathematics from the University of Mississippi in 1965, and a Master of Business Administration from the University of Texas at Austin in 1967. After leaving UT, Lakcey served in the United States Army for four years, leaving in 1969 with the rank of First Lieutenant. For his Service, he was awarded the Army Commendation Medal.
When Lackey left the Army, he moved to Tulsa and joined Skelly Oil Company, where he served in various financial and executive positions. He later accepted the position of Vice-President and Treasurer for Kin-Ark Corporation, a firm involved in chemicals, galvanizing and hotel management in Tulsa. In 1977, Lackey joined Flint Industries, Inc., a privately owned, oil and gas services and commercial construction company. He remained with that firm until 1995. While at Flint, Lackey served as Chief Financial Officer, Executive Vice-President/Chief Operating Officer, President, Director and Executive Committee Member for that firm.
In May, 1995, Republican Governor of Oklahoma Frank Keating appointed Lackey to serve as his Secretary of Health and Human Services. As Health and Human Services Secretary, Lackey oversaw the Oklahoma State Department of Health, the Oklahoma Department of Human Services, the Oklahoma Department of Mental Health and Substance Abuse Services, the Oklahoma Department of Rehabilitation Services, and the Oklahoma Office of Juvenile Affairs.
Lackey served as Secretary until 1997, when Keating appointed him as his Chief of Staff. Keating appointed Jerry Regier to succeed Lackey. As Chief of Staff, Lackey served as Keating's top advisor.
Lackey resigned as Keating's Chief of Staff in 1999 to become the President of the University of Oklahoma-Tulsa. He was succeeded in that position by Ken Levit
