Former Lockheed Martin Chief Financial Officer Joins Rocket Lab Board of Directors

Rhea-AI Summary

Rocket Lab USA, Inc. (Nasdaq: RKLB) has appointed Kenneth (Ken) Possenriede to its Board of Directors. Possenriede brings 35 years of experience from Lockheed Martin , where he served as Chief Financial Officer and held various financial leadership positions. His expertise in aerospace, defense, and financial management is expected to strengthen Rocket Lab's board.

CEO Peter Beck highlighted Possenriede's role in the traditional space model and expressed excitement about his contribution to Rocket Lab's future. Possenriede praised Rocket Lab's achievements, including the success of the Electron launcher and progress on the Neutron rocket. His experience in capital markets, customer relationships, and scaling businesses aligns with Rocket Lab's vision to become the leading end-to-end space company.

Positive

• Appointment of Kenneth Possenriede, former Lockheed Martin CFO, to the Board of Directors
• Possenriede brings 35 years of aerospace and defense industry experience
• Addition of strong financial leadership and capital markets expertise to the board
• Alignment with Rocket Lab's vision to become a leading end-to-end space company

Negative

• None.

LONG BEACH, Calif.--(BUSINESS WIRE)-- Rocket Lab USA, Inc. (Nasdaq: RKLB) (“Rocket Lab” or “the Company”), a global leader in launch services and space systems, today announced that Kenneth (Ken) Possenriede has been appointed to the Company’s Board of Directors.

A seasoned executive with strong business and financial acumen, Mr. Possenriede joins Rocket Lab after a 35-year career at Lockheed Martin Corporation in financial leadership positions, including serving as Chief Financial Officer (CFO).

“Ken’s deep aerospace and defense industry experience, combined with accomplished financial leadership, adds even more horsepower to Rocket Lab’s already impressive board line-up,” said Rocket Lab’s founder and Chief Executive Officer, Sir Peter Beck. “We’re building the space company of the future here – an end-to-end space company that truly unleashes the potential of space as the next industrial revolution in human history. Ken played a key role in the growth and success of the traditional space model. Now we’re excited to have him help us build the future.”

“Rocket Lab has quickly but strategically risen to the ranks of global space leader and I’m incredibly excited to join the formidable team behind this,” says Mr. Possenriede. “From the success of Electron as the world’s leading small launcher, and the impressive growth of Rocket Lab’s extensive space systems business, to the impressive progress on Neutron, I’ve long admired Rocket Lab’s ability to execute and shake up the industry by overdelivering and outperforming. I look forward to supporting this trajectory as the Company executes on the vision to be the leading end-to-end space company.”

Mr. Possenriede brings to Rocket Lab deep experience in capital markets, customer relationships and scaling businesses. Prior to assuming the post of CFO and Lockheed Martin Corporation, Mr. Possenriede served as Vice President of Finance and Program Management for Lockheed Martin Aeronautics Company where he was responsible for leading finances and program management processes, including accounting, contracts, business management, financial planning, scheduling and earned value. Mr. Possenriede also served as Vice President and Treasurer for Lockheed Martin Corporation. In that role, he was responsible for all aspects of the corporation’s worldwide banking activity, including global treasury operations, foreign exchange and capital markets, rating agency relations, capital planning, facilities and risk management. Mr. Possenriede also served as Lockheed Martin Corporation’s Vice President of Finance for the Electronic Systems organization, where he was responsible for all aspects of the business unit’s financial and contractual processes and commitments.

Mr. Possenriede holds a Master of Business Administration from the University of Michigan and bachelor's degree from Rutgers University in economics. He also currently serves as an advisor to the Rutgers Foundation Board of Directors.

+ About Rocket Lab

Rocket Lab is a global leader in launch and space systems. Rocket Lab’s Electron launch vehicle is the second most frequently launched U.S. rocket annually and has delivered more than 190 satellites to orbit for commercial and Government partners, including NASA, the U.S. Air Force, DARPA and the NRO. Rocket Lab also delivers proven suborbital hypersonic launch capability with its HASTE launch vehicle. Building on the deep heritage of Electron, Rocket Lab is developing Neutron, an advanced 13-tonne payload class, reusable launch vehicle tailored for constellation deployment and interplanetary missions. Rocket Lab is also a premier supplier of advanced satellites, flight-proven subsystems and spacecraft components. At a component level, Rocket Lab spacecraft technology spans space solar power, composite structures, flight software, star trackers, reaction wheels, separation systems, and more. Rocket Lab satellite technology and components have been integrated into more than 1,700 satellite missions globally. www.rocketlabusa.com.

+ Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our launch and space systems operations, launch schedule and window, safe and repeatable access to space, Neutron development, operational expansion and business strategy are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “strategy,” “future,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.rocketlabusa.com, which could cause our actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240822688553/en/

+ Rocket Lab Media Contact

Morgan Connaughton

media@rocketlabusa.com

Source: Rocket Lab USA, Inc.

FAQ

Who is Kenneth Possenriede and why did Rocket Lab (RKLB) appoint him to the Board of Directors?

Kenneth Possenriede is the former Chief Financial Officer of Lockheed Martin with 35 years of experience in aerospace and defense. Rocket Lab appointed him to its Board of Directors to leverage his deep industry experience, financial leadership, and expertise in capital markets and scaling businesses.

What positions did Kenneth Possenriede hold at Lockheed Martin before joining Rocket Lab's (RKLB) board?

Before joining Rocket Lab's board, Kenneth Possenriede held several key positions at Lockheed Martin, including Chief Financial Officer, Vice President of Finance and Program Management for Lockheed Martin Aeronautics Company, Vice President and Treasurer, and Vice President of Finance for the Electronic Systems organization.

How might Kenneth Possenriede's appointment impact Rocket Lab's (RKLB) future strategies?

Kenneth Possenriede's appointment is expected to support Rocket Lab's vision of becoming a leading end-to-end space company. His experience in capital markets, customer relationships, and scaling businesses could help guide Rocket Lab's growth strategies and financial management as it expands its launch and space systems capabilities.

What are some of Rocket Lab's (RKLB) key achievements mentioned in relation to Possenriede's appointment?

The press release highlights Rocket Lab's achievements such as the success of the Electron rocket as a leading small launcher, growth in the space systems business, and progress on the Neutron rocket development. These accomplishments were noted as factors that attracted Possenriede to join the board.