April 21, 2024

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Lockheed Hunts for CFO After Ken Possenriede’s Sudden Exit

Pentagon’s greatest protection contractor Lockheed Martin explained on Tuesday chief monetary officer Ken Possenriede is retiring straight away “due to individual reasons” and named a organization veteran as an interim replacement.

Ken Possenriede

What Took place: The maker of F-35 fighter jets named John Mollard, the present vice president and treasurer, to fill in briefly as a replacement for Ken Possenriede, one more organization veteran who was foremost the CFO role at Lockheed considering that February 2019. 

Possenriede, 60, has expended in excess of a few a long time with Lockheed in several roles together with as vice president and treasurer. His sudden exit arrives two times forward of the company’s scheduled trader working day on Thursday and just after a exceptional miss out on on quarterly earnings final 7 days.

Possenriede’s sudden exit was not linked to any “financial or accounting challenge or any disagreement with the organization or any make a difference relating to the company’s functions, insurance policies, or methods,” Lockheed explained in a Securities and Trade Commission filing on Tuesday.

Why It Matters: The hunt for a new CFO arrives just after a yr Lockheed navigated via the international pandemic that strike the protection field hard with shutdowns, shortages, and months of delays. 

A draft of the 2022 protection finances implies the U.S. protection field could get a investing improve of $25 billion below President Joe Biden as the Pentagon appears to be like to retire more mature weapons programs in favor of newer technologies.

Selling price Motion: Lockheed shares closed .31% increased at $369.forty five on Tuesday and have been down .8% in extended hours. 

This story at first appeared on Benzinga. © 2021 Benzinga.com.

Benzinga does not supply investment assistance. All rights reserved.

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