Saved By Business

Lockheed Hunts for CFO After Ken Possenriede’s Sudden Exit

2 min read

Pentagon’s premier protection contractor Lockheed Martin claimed on Tuesday chief money officer Ken Possenriede is retiring right away “due to personal reasons” and named a corporation veteran as an interim substitution.

Ken Possenriede

What Took place: The maker of F-35 fighter jets named John Mollard, the present-day vice president and treasurer, to fill in temporarily as a substitution for Ken Possenriede, another corporation veteran who was foremost the CFO job at Lockheed since February 2019. 

Possenriede, 60, has used in excess of 3 many years with Lockheed in different roles like as vice president and treasurer. His unexpected exit comes two days forward of the company’s scheduled trader day on Thursday and right after a exceptional miss on quarterly earnings very last 7 days.

Possenriede’s unexpected exit was not related to any “financial or accounting difficulty or any disagreement with the corporation or any matter relating to the company’s operations, guidelines, or practices,” Lockheed claimed in a Securities and Exchange Fee submitting on Tuesday.

Why It Matters: The hunt for a new CFO comes right after a 12 months Lockheed navigated as a result of the worldwide pandemic that strike the protection industry tough with shutdowns, shortages, and months of delays. 

A draft of the 2022 protection funds signifies the U.S. protection industry could get a paying improve of $25 billion beneath President Joe Biden as the Pentagon seems to retire more mature weapons systems in favor of more recent technology.

Value Action: Lockheed shares shut .31% better at $369.45 on Tuesday and have been down .8% in extended several hours. 

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

Benzinga does not provide financial investment assistance. All legal rights reserved.

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