Pentagon’s biggest protection contractor Lockheed Martin mentioned on Tuesday chief money officer Ken Possenriede is retiring straight away “due to private reasons” and named a firm veteran as an interim substitute.
What Transpired: The maker of F-35 fighter jets named John Mollard, the recent vice president and treasurer, to fill in quickly as a substitute for Ken Possenriede, an additional firm veteran who was top the CFO position at Lockheed since February 2019.
Possenriede, 60, has used around a few many years with Lockheed in several roles together with as vice president and treasurer. His sudden exit comes two times forward of the company’s scheduled trader day on Thursday and immediately after a unusual miss out on on quarterly earnings very last 7 days.
Possenriede’s sudden exit was not linked to any “financial or accounting challenge or any disagreement with the firm or any matter relating to the company’s functions, procedures, or practices,” Lockheed mentioned in a Securities and Trade Fee filing on Tuesday.
Why It Issues: The hunt for a new CFO comes immediately after a 12 months Lockheed navigated via the world-wide pandemic that strike the protection business tricky with shutdowns, shortages, and months of delays.
A draft of the 2022 protection spending plan implies the U.S. protection business could get a spending boost of $25 billion less than President Joe Biden as the Pentagon seems to be to retire more mature weapons courses in favor of newer know-how.
Price Action: Lockheed shares closed .31% larger at $369.45 on Tuesday and ended up down .8% in extended hrs.
This tale initially appeared on Benzinga. © 2021 Benzinga.com.
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