{"id":23373,"date":"2021-08-04T14:38:45","date_gmt":"2021-08-04T14:38:45","guid":{"rendered":"https:\/\/one.sightlinemg.com\/defensenews\/uncategorized\/2021\/08\/04\/lockheeds-cfo-exits-abruptly\/"},"modified":"2026-08-07T22:04:21","modified_gmt":"2026-08-07T22:04:21","slug":"lockheeds-cfo-exits-abruptly","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/defensenews\/industry\/2021\/08\/04\/lockheeds-cfo-exits-abruptly\/","title":{"rendered":"Lockheed\u2019s CFO abruptly exits, sparking search for replacement"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">WASHINGTON \u2015 Defense titan <a href=\"https:\/\/www.defensenews.com\/2020\/10\/20\/lockheed-sees-earnings-growth-in-space-business\/\" target=\"_blank\">Lockheed Martin<\/a> named a longtime company veteran as its acting chief financial officer Tuesday after Kenneth Possenriede suddenly retired.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Treasurer and Vice President John Mollard will temporarily take over for Possenriede, who became the CFO in 2019. Possenriede decided to immediately retire due to personal reasons, the company said in a news release.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mollard worked for Lockheed for nearly four decades including as the corporate treasurer for the past five years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cGiven his nearly four decades with Lockheed Martin and familiarity with the company\u2019s businesses, stakeholders and capital structure, John is uniquely suited to lead <a href=\"https:\/\/www.defensenews.com\/top-100\/2021\/07\/12\/riding-the-wave-defense-revenues-rise-despite-a-dark-2020\/\" target=\"_blank\">our finance organization<\/a> while our search process is underway,\u201d said Lockheed Martin\u2019s chief executive, James Taiclet. \u201cWe are proud to have a deep-bench of talent and thank John for stepping into the CFO role on an interim basis.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While the underlying reasons were unclear, observers noted the move follows Lockheed\u2019s disclosure of a $225 million loss on a classified developmental aeronautics program on its July 26 quarterly earnings call.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Capital Alpha Partners analyst Byron Callan said in a note to investors Wednesday that the amount was \u201cnot large.\u201d However, Callan speculated that if the loss was the cause of Possenriede\u2019s departure, it could have been about how the situation was treated, and Callan questioned whether there had been earlier warnings that were missed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company said last month that the monetary loss, which stemmed from performance issues, surfaced after Lockheed performed a \u201cdeep dive\u201d on the program in May and was reported to its board in June.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cAt the conclusion of the review and based on the current negotiations with our customer, it was determined that the total costs to complete the current phase of the program are expected to exceed the contract price,\u201d the company said in its quarterly filings.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Defense titan Lockheed Martin has named a longtime company veteran as its acting chief financial officer after Kenneth Possenriede suddenly retired.<\/p>\n","protected":false},"author":7,"featured_media":51576,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_acf":"","_yoast_wpseo_primary_category":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_smg_distribution_targets":[]},"categories":[160,12,36],"tags":[],"coauthors":[3446],"class_list":["post-23373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-news-roundup","category-industry","category-newsletters"],"acf":{"subheadline":"","legacy_arc_id":"HVEGE5EHHZAGDIYUKG47ADVISI","arc_canonical_url":"\/industry\/2021\/08\/04\/lockheeds-cfo-exits-abruptly\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented 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Lockheed Martin has named a longtime company veteran as its acting chief financial officer after Kenneth Possenriede suddenly retired.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/one.sightlinemg.com\/defensenews\/industry\/2021\/08\/04\/lockheeds-cfo-exits-abruptly\/\" \/>\n<meta property=\"og:site_name\" content=\"Defense News\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-04T14:38:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-07T22:04:21+00:00\" \/>\n<meta name=\"author\" content=\"Joe Gould\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Joe Gould\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    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