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.

Ken Possenriede

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

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