Lockheed Martin announced Monday that Bruce Tanner, the company’s executive vice president and chief financial officer, will retire by mid-2019. Tanner, who has worked for the company for the past 12 years, will be succeeded by longtime Lockheed Martin executive Kenneth R. Possenriede, who starts work in the new job on Feb. 11.
Lockheed Martin CEO Marillyn Hewson thanked Tanner for his contributions to the company.
“During his nearly twelve years as Lockheed Martin’s CFO, Bruce has led us through many important new business wins, significant acquisitions and divestures, including the acquisition of Sikorsky and divestiture of our former Information Systems & Global Solutions business, and ensured we continued to increase our shareholder value,” Hewson said in a statement.
Possenriede, who has worked for Lockheed Martin for 34 years, is currently the vice president of Finance and Program Management at Aeronautics, where he oversees all aspects of the company’s accounting, financing and program management, contracts, financial management and program management processes. He was previously the vice president and treasurer from 2011 to 2016, and his credits include stints as vice president of finance and business management for the Mission Systems and Solutions line of business and chief financial officer for Lockheed Martin United Kingdom. Possenriede has a master’s degree in business administration from the University of Michigan.
“Ken is an accomplished leader with experience in every business area and Lockheed Martin UK,” Hewson said. “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.”