Summary
Lockheed Martin Corporation (LMT) announced a significant leadership transition impacting its Chief Financial Officer role. Bruce L. Tanner, the current Executive Vice President and CFO, will retire from his executive duties on February 11, 2019, though he will remain with the company in a different capacity until mid-2019. This change is part of a planned succession, with Kenneth R. Possenriede, currently vice president of finance and program management at Aeronautics, appointed as the new EVP and CFO, effective February 11, 2019. Mr. Possenriede's promotion signifies an internal transition, leveraging his extensive experience within various financial and operational leadership roles across Lockheed Martin's business segments. His compensation package has been adjusted to reflect his new responsibilities, including an increased base salary and target incentive percentage. Investors should monitor the transition closely for any potential impacts on financial strategy and execution.
Key Highlights
- 1Bruce L. Tanner, Executive Vice President and Chief Financial Officer, will retire from his executive role effective February 11, 2019.
- 2Tanner will continue to be employed by Lockheed Martin in a non-executive capacity until mid-2019.
- 3Kenneth R. Possenriede, currently VP of finance and program management at Aeronautics, will succeed Tanner as EVP and CFO.
- 4Possenriede's appointment as CFO is effective February 11, 2019.
- 5Possenriede has held various senior finance and treasurer roles within LMT since 2007.
- 6Possenriede's base salary will increase to $905,000 upon promotion.
- 7Possenriede's target annual incentive will increase to 105% of his base salary, effective February 11, 2019.
- 8A press release detailing these changes was filed as an exhibit to the 8-K.