Lockheed Appoints New Chief Financial Officer

   By Micah Maidenberg

Lockheed Martin Corp.'s (LMT) finance chief for more than a decade plans on retiring next year, and the defense contractor has appointed a company veteran to replace him.

Bruce Tanner, Lockheed's CFO since September 2007, intends to retire by the middle of next year, the company said Monday. It board approved the appointment of Kenneth Possenriede to take on the job.

Mr. Possenriede, 58 years old, will take over the role effective February 11, 2019. He also will hold the title of executive vice president, the company said.

Mr. Possenriede currently works as vice president of finance and program management in Lockheed's aeronautics unit. He previously served in a range of executive roles for the company.

Mr. Tanner led Lockheed's finance team amid several significant deals, including its $9 billion acquisition of helicopter maker Sikorsky Aircraft and its decision to sell its government information technology business, Lockheed said Monday.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

December 10, 2018 17:13 ET (22:13 GMT)

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