Lockheed Martin Gets New CFO

Lockheed Martin's board of directors has approved the appointment of Kenneth R Possenriede, 58, as the company’s Executive Vice President and Chief Financial Officer (CFO).

Possenriede will be succeeding Bruce Tanner, a 37-year veteran of the company, slated to retire in mid-2019. The appointment is effective Feb 11, 2019, Lockheed Martin said in a statement Monday.

Possenriede is currently vice president of Finance and Program Management at Aeronautics, responsible for finances and program management processes, including accounting, contracts, business management, financial planning, scheduling and earned value.

Prior to his current role, Possenriede was vice president and treasurer for Lockheed Martin from 2011 to 2016. In that role, he was responsible for all aspects of the company's worldwide banking activity, including global treasury operations, foreign exchange and capital markets, rating agency relations, capital planning, facilities and risk management.

He holds a Master of Business Administration from the University of Michigan and bachelor's degree from Rutgers University in economics, the company said.