Lockheed Hunts for CFO After Ken Possenriede’s Sudden Exit
Pentagon’s greatest defense contractor Lockheed Martin reported on Tuesday main monetary officer Ken Possenriede is retiring right away “due to personalized reasons” and named a company veteran as an interim replacement.
Ken Possenriede
What Happened: The maker of F-35 fighter jets named John Mollard, the present-day vice president and treasurer, to fill in temporarily as a replacement for Ken Possenriede, an additional company veteran who was foremost the CFO job at Lockheed due to the fact February 2019.
Possenriede, 60, has used in excess of a few decades with Lockheed in many roles including as vice president and treasurer. His unexpected exit will come two times in advance of the company’s scheduled trader working day on Thursday and after a exceptional miss out on on quarterly earnings very last week.
Possenriede’s unexpected exit was not relevant to any “financial or accounting challenge or any disagreement with the company or any matter relating to the company’s operations, guidelines, or tactics,” Lockheed reported in a Securities and Exchange Fee filing on Tuesday.
Why It Issues: The hunt for a new CFO will come after a 12 months Lockheed navigated via the world-wide pandemic that hit the defense industry tricky with shutdowns, shortages, and months of delays.
A draft of the 2022 defense finances implies the U.S. defense industry could get a shelling out enhance of $25 billion less than President Joe Biden as the Pentagon looks to retire older weapons packages in favor of newer technologies.
Price tag Action: Lockheed shares shut .31{744e41c82c0a3fcc278dda80181a967fddc35ccb056a7a316bb3300c6fc50654} bigger at $369.45 on Tuesday and ended up down .8{744e41c82c0a3fcc278dda80181a967fddc35ccb056a7a316bb3300c6fc50654} in prolonged hours.
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