Lockheed Hunts for CFO After Ken Possenriede’s Sudden Exit
Pentagon’s most significant defense contractor Lockheed Martin stated on Tuesday chief economical officer Ken Possenriede is retiring straight away “due to personal reasons” and named a company veteran as an interim substitution.
Ken Possenriede
What Transpired: The maker of F-35 fighter jets named John Mollard, the present-day vice president and treasurer, to fill in briefly as a substitution for Ken Possenriede, yet another company veteran who was main the CFO part at Lockheed due to the fact February 2019.
Possenriede, 60, has put in in excess of a few a long time with Lockheed in numerous roles including as vice president and treasurer. His sudden exit arrives two days ahead of the company’s scheduled investor day on Thursday and following a scarce miss out on on quarterly earnings previous week.
Possenriede’s sudden exit was not connected to any “financial or accounting difficulty or any disagreement with the company or any make any difference relating to the company’s operations, policies, or procedures,” Lockheed stated in a Securities and Exchange Commission filing on Tuesday.
Why It Issues: The hunt for a new CFO arrives following a year Lockheed navigated via the world pandemic that hit the defense field tough with shutdowns, shortages, and months of delays.
A draft of the 2022 defense price range suggests the U.S. defense field could get a shelling out raise of $25 billion underneath President Joe Biden as the Pentagon looks to retire more mature weapons courses in favor of more recent technological innovation.
Selling price Motion: Lockheed shares closed .31{d5f2c26e8a2617525656064194f8a7abd2a56a02c0e102ae4b29477986671105} greater at $369.45 on Tuesday and were being down .eight{d5f2c26e8a2617525656064194f8a7abd2a56a02c0e102ae4b29477986671105} in extended hours.
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