Lockheed Martin CFO retires, firm appoints acting CFO

BETHESDA, Maryland — Lockheed Martin (NYSE: LMT) says CFO Kenneth Possenriede has decided to retire immediately due to personal reasons.

“Over the past 14 months, Ken has been an integral part of my successful transition as Lockheed Martin CEO,” James Taiclet, chairman, president, and CEO of Lockheed Martin, said. “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.”

At the same time, the defense contractor has appointed John Mollard, current VP and treasurer, as 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.

“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,” Taiclet said. “We are proud to have a deep-bench of talent and thank John for stepping into the CFO role on an interim basis.”

Lockheed Martin is a Bethesda, Maryland–based defense contractor. Its plants in Salina and Owego are both part of the firm’s rotary and mission systems (RMS) business area.