Lockheed Martin Announces Chief Financial Officer Transition

Rhea-AI Summary

Lockheed Martin (NYSE: LMT) announced the immediate retirement of Chief Financial Officer Kenneth R. Possenriede for personal reasons, effective August 3, 2021. John W. Mollard, the vice president and treasurer, has been appointed as the acting CFO. Mollard brings nearly four decades of experience within Lockheed Martin, which positions him well to lead the finance team during the search for a permanent CFO. Lockheed Martin will host a virtual investor event on August 5, 2021, featuring Mollard and other leaders discussing company matters.

Positive

• John W. Mollard appointed as acting CFO, providing continuity with his extensive company experience.
• Strong leadership transition plan with Mollard's familiarity with the finance organization.

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• None.

BETHESDA, Md., Aug. 3, 2021 /PRNewswire/ -- Lockheed Martin (NYSE: LMT) announced today that Chief Financial Officer (CFO) Kenneth R. Possenriede has decided to retire immediately due to personal reasons. John W. Mollard, vice president and treasurer, has been appointed acting CFO, effective immediately. In his almost four decades at Lockheed Martin, Mollard has held several positions of increasing responsibility within the Finance and Business Operations team, including the past five years as the corporate treasurer.

"Over the past 14 months, Ken has been an integral part of my successful transition as Lockheed Martin CEO," said Lockheed Martin Chairman, President and CEO James Taiclet. "We thank Ken for his many contributions during his three plus decades of service to the company and wish him the best in his retirement."

"Given his nearly four decades with Lockheed Martin and familiarity with the company's businesses, stakeholders and capital structure, John is uniquely suited to lead our finance organization while our search process is underway," continued Taiclet. "We are proud to have a deep-bench of talent and thank John for stepping into the CFO role on an interim basis."

Mollard will join Taiclet and Greg Gardner, vice president of investor relations, and other business area leaders and subject matter experts for the company's virtual investor event on Thursday, Aug. 5, from 10 a.m. to 12:30 p.m. EDT. The live webcast will be available on the Lockheed Martin Investor Relations website: www.lockheedmartin.com/investor.

About Lockheed Martin
Headquartered in Bethesda, Maryland, Lockheed Martin Corporation is a global security and aerospace company that employs approximately 114,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.

Please follow @LMNews on Twitter for the latest announcements and news across the company.

View original content:https://www.prnewswire.com/news-releases/lockheed-martin-announces-chief-financial-officer-transition-301347658.html

SOURCE Lockheed Martin

FAQ

Who has been appointed as the acting CFO of Lockheed Martin?

John W. Mollard has been appointed as the acting CFO of Lockheed Martin.

When did Kenneth R. Possenriede retire from Lockheed Martin?

Kenneth R. Possenriede retired from Lockheed Martin on August 3, 2021.

What is the significance of John W. Mollard's appointment as acting CFO for LMT investors?

Mollard's extensive experience and familiarity with the company are expected to provide stability during the CFO transition, which can reassure investors.

When is Lockheed Martin's virtual investor event?

Lockheed Martin's virtual investor event is scheduled for August 5, 2021, from 10 a.m. to 12:30 p.m. EDT.