Lockheed Martin begins search for new CFO after Possenriede's exit

- Security and aerospace company Lockheed Martin Corp said on Tuesday it is searching for a new chief financial officer after Kenneth Possenriede resigned from the post due to personal reasons.

The company said it has appointed Vice President And Treasurer John Mollard as the acting CFO, effective immediately.

Mollard has held several positions within the finance and business operations during his almost four-decade stint at Lockheed Martin, the company said in its statement.

The surprise departure of Possenriede, who joined the company in February 2019, comes ahead of Lockheed Martin's virtual investor event scheduled on Aug. 5.