There has been some recent change in focus in R&D from the concept of managing product lifecycle data to identifying and representing crucial data and using it for simulation to study dynamic process behavior and characteristics. One of the relatively new concepts that has evolved to address this change is Simulation Lifecycle Management (SLM) concept, which can be considered as the next version of PDM/PLM systems currently used in R&D. There are relatively few research studies or related frameworks that can adequately support the SLM concepts. This paper proposes an executable and interoperable SLM framework using an eXtensible Petri Net Markup Language (xPNML). Unlike other proprietary simulation languages, xPNML has advantages in terms of interoperability, flexibility and incorporation of simulation parameters. An executable SLM framework using xPNML is shown here using a conceptual scenario. The use of modular concept of xPNML is discussed to demonstrate concise and consistent simulation model development.