Lockheed Hunts for CFO After Ken Possenriede’s Sudden Exit
Pentagon’s greatest protection contractor Lockheed Martin reported on Tuesday chief economical officer Ken Possenriede is retiring right away “due to private reasons” and named a enterprise veteran as an interim replacement.
Ken Possenriede
What Took place: The maker of F-35 fighter jets named John Mollard, the recent vice president and treasurer, to fill in quickly as a replacement for Ken Possenriede, a further enterprise veteran who was major the CFO part at Lockheed considering the fact that February 2019.
Possenriede, 60, has put in more than 3 decades with Lockheed in several roles such as as vice president and treasurer. His unexpected exit arrives two days forward of the company’s scheduled trader working day on Thursday and after a exceptional miss out on on quarterly earnings previous week.
Possenriede’s unexpected exit was not linked to any “financial or accounting situation or any disagreement with the enterprise or any subject relating to the company’s functions, insurance policies, or procedures,” Lockheed reported in a Securities and Trade Fee filing on Tuesday.
Why It Matters: The hunt for a new CFO arrives after a calendar year Lockheed navigated by the global pandemic that strike the protection business tricky with shutdowns, shortages, and months of delays.
A draft of the 2022 protection budget suggests the U.S. protection business could get a expending enhance of $twenty five billion underneath President Joe Biden as the Pentagon appears to retire more mature weapons courses in favor of newer technologies.
Cost Action: Lockheed shares shut .31% greater at $369.forty five on Tuesday and have been down .8% in prolonged several hours.
This tale originally appeared on Benzinga. © 2021 Benzinga.com.
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