Lockheed Martin Company (NYSE:LMT) – Lockheed Martin Hunts For CFO After Ken Possenriede’s Sudden Exit

Pentagon’s largest protection contractor Lockheed Martin Corp (NYSE: LMT) mentioned on Tuesday Chief Monetary Officer Ken Possenriede is retiring instantly “attributable to private causes” and named an organization veteran as an interim alternative.

What Occurred: The maker of F-35 fighter jets named John Mollard, the present vp and treasurer, to fill in briefly as a alternative for Ken Possenriede, one other firm veteran who was main the CFO position at Lockheed since February 2019. 

Possenriede, 60, has spent over three many years with Lockheed in numerous roles together with as vp and treasurer. His sudden exit comes two days forward of the corporate’s scheduled investor day on Thursday and a uncommon miss on quarterly earnings final week.

Possenriede’s sudden exit was not associated to any “monetary or accounting challenge or any disagreement with the corporate or any matter regarding the corporate’s operations, insurance policies or practices,” Lockheed mentioned in a Securities and Trade Fee submitting on Tuesday.

See Additionally: Recap: Lockheed Martin Q2 Earnings

Why It Issues: The hunt for a brand new CFO comes after a yr Lockheed navigated by way of the worldwide pandemic that hit the protection trade onerous with shutdowns, shortages and months of delays. 

A draft of the 2022 protection finances signifies the U.S. protection trade might get a spending increase of $25 billion below President Joe Biden because the Pentagon appears to be like to retire older weapons packages in favor of newer expertise.

Worth Motion: Lockheed shares closed 0.31{b02bdf04de3f9bc06c998e855c65941e7d8f5cd012e86469a83340818e6b6d52} larger at $369.45 on Tuesday and have been down 0.8{b02bdf04de3f9bc06c998e855c65941e7d8f5cd012e86469a83340818e6b6d52} in prolonged hours. 

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Picture by Robert Sullivan on Flickr

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