Lockheed Martin’s Chief Financial Officer retires immediately

France's second KC-130J Super Hercules aerial refueler takes off from Lockheed Martin's facility in Marietta, Georgia, upon delivery in 2019.France's second KC-130J Super Hercules aerial refueler takes off from Lockheed Martin's facility in Marietta, Georgia, upon delivery in 2019 (photo provided courtesy of Lockheed Martin)

Lockheed Martin announced in a press release that its Chief Financial Officer (CFO) Lockheed Martin announced that its Chief Financial Officer Kenneth R. Possenriede has retired immediately “due to personal reasons.” has retired immediately “due to personal reasons.”

The company appointed John W. Mollard, vice president and treasurer, to serve as acting CFO, effective immediately.

“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.”

The company stated in the press release that Mollard held several positions within the Finance and Business Operations team, and has been the corporate treasurer for the past five years.

The press release went on to state:

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.

Lockheed Martin and Cobb County

The Lockheed Martin facility in Marietta has been a major employer in Cobb County since 1951, when the Lockheed Corporation, a predecessor of Lockheed Martin, took over the former site of the WWII Bell Bomber plant.

In response to a request by the Courier for a previous article, the spokesperson for the Marietta operations of the company wrote:

The C-130 remains the largest program at the Marietta site. We are currently building the C-130J Super Hercules and I’ve attached our updated Fast Facts for insights on that program. We’ve produced every production model C-130 at the Marietta site, which means Hercs have been rolling out of Marietta for almost 66 years. It’s staple here in Cobb County! You can learn more about the C-130J in our brochure located here.

We also provide support (i.e., sustainment) for the C-5 Galaxy, which wrapped up a major modification providing 52 C-5s with new engines and avionics, in 2018. We celebrated the C-5’s 50th anniversary in 2018 and expect to see that aircraft in service – thanks to its upgrades and unique hauling capabilities – until 2045. See press release for more information. We also support the P-3 Orion through Marietta-based teams. Additionally, we manufacture F-35 center wings here in Marietta.

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