Pentagon’s biggest defense contractor Lockheed Martin claimed on Tuesday main economical officer Ken Possenriede is retiring instantly “due to personal reasons” and named a corporation veteran as an interim substitute.
What Transpired: The maker of F-35 fighter jets named John Mollard, the existing vice president and treasurer, to fill in briefly as a substitute for Ken Possenriede, a further corporation veteran who was primary the CFO job at Lockheed because February 2019.
Possenriede, sixty, has used above 3 a long time with Lockheed in different roles such as as vice president and treasurer. His sudden exit arrives two times ahead of the company’s scheduled trader working day on Thursday and after a uncommon skip on quarterly earnings last 7 days.
Possenriede’s sudden exit was not relevant to any “financial or accounting problem or any disagreement with the corporation or any make a difference relating to the company’s operations, insurance policies, or practices,” Lockheed claimed in a Securities and Trade Commission submitting on Tuesday.
Why It Issues: The hunt for a new CFO arrives after a yr Lockheed navigated by means of the world wide pandemic that hit the defense market difficult with shutdowns, shortages, and months of delays.
A draft of the 2022 defense price range suggests the U.S. defense market could get a shelling out improve of $25 billion underneath President Joe Biden as the Pentagon appears to retire more mature weapons applications in favor of more recent technology.
Selling price Motion: Lockheed shares closed .31% better at $369.45 on Tuesday and were being down .8% in prolonged several hours.
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