Lockheed names new CFO

Lockheed Martin announced today Kenneth Possenriede has been appointed as the company's new chief financial officer.

Possenriede, slated to start Feb. 11, 2019, will succeed Bruce Tanner, who intends to retire in mid-2019, according to a company statement.

Possenriede is currently vice president of finance and program management at the company's Aeronautics business unit, where he is responsible for accounting, contracts, business management, financial planning, scheduling and earned value, the Lockheed statement reads.

"Ken is an accomplished leader with experience in every business area and Lockheed Martin UK," Lockheed CEO Marylin Hewson said in the statement. "During his more than 30-year career at Lockheed Martin, he has developed an impressive track record of delivering outstanding results for our customers, company and shareholders."

Prior to his current role, Possenriede was vice president and treasurer for Lockheed Martin from 2011 to 2016. Before that, he served as vice president of finance and business operations for the company's former Electronic Systems business area; vice president of finance and business operations for space; and vice president of finance and business management for the then-Mission Systems and Solutions (MS2) line of business.

He also served as CFO for Lockheed Martin United Kingdom and from 2001 to 2003 Possenriede was the interim CEO and CFO at Exostar, an independent online supplier exchange backed by Lockheed Martin.

Possenriede holds an MBA from the University of Michigan and bachelor's degree in economics from Rutgers University.