Possenriede leaves Lockheed for 'personal reasons'

Lockheed Martin says its chief financial officer, Ken Possenriede, will "retire immediately due to personal reasons."

John Mollard, vice president and treasurer, has been appointed acting CFO, the company said.

"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."

Lockheed has declined to comment further.

Possenriede's exit comes nearly a week after the company disclosed it had taken a $225 million charge on a classified aeronautics development program. The charge contributed to a $163 million decrease in Lockheed's second-quarter operating profit.