Lockheed Hunts for CFO After Ken Possenriede’s Sudden Exit

Pentagon’s premier protection contractor Lockheed Martin reported on Tuesday chief financial officer Ken Possenriede is retiring straight away “due to personalized reasons” and named a company veteran as an interim substitute.

What Took place: The maker of F-35 fighter jets named John Mollard, the recent vice president and treasurer, to fill in temporarily as a substitute for Ken Possenriede, yet another company veteran who was major the CFO role at Lockheed since February 2019. 

Possenriede, 60, has invested more than 3 a long time with Lockheed in a variety of roles together with as vice president and treasurer. His sudden exit arrives two days ahead of the company’s scheduled investor working day on Thursday and following a scarce pass up on quarterly earnings very last 7 days.

Possenriede’s sudden exit was not associated to any “financial or accounting problem or any disagreement with the company or any make a difference relating to the company’s operations, guidelines, or tactics,” Lockheed reported in a Securities and Trade Commission filing on Tuesday.

Why It Matters: The hunt for a new CFO arrives following a calendar year Lockheed navigated via the world-wide pandemic that hit the protection field really hard with shutdowns, shortages, and months of delays. 

A draft of the 2022 protection price range implies the U.S. protection field could get a expending enhance of $twenty five billion under President Joe Biden as the Pentagon seems to be to retire older weapons applications in favor of newer engineering.

Selling price Motion: Lockheed shares closed .31% higher at $369.forty five on Tuesday and were down .8% in prolonged hours. 

This tale initially appeared on Benzinga. © 2021 Benzinga.com.

Benzinga does not provide financial commitment suggestions. All legal rights reserved.

Benzinga, protection contractor, John Mollard, Ken Possenriede, Lockheed Martin