Lockheed Martin Corporation‘s (NYSE: LMT) board of directors has elected Kenneth R. Possenriede as vice president and treasurer and Leo S. Mackay, Jr. as vice president of ethics and business conduct. Both moves will go into effect July 1, 2011.
Possenriede will succeed John McCarthy who is retiring after 40 years at Lockheed. Possenriede will lead the corporation’s worldwide banking activity, including global treasury operations, foreign exchange and capital markets, rating agency relations, capital planning and risk management.
Peviously, he led financial activities for Lockheed’s electronic systems and space systems business areas, for its mission systems and sensors unit and for Lockheed Martin’s business in the U.K.
Mackay will succeed Alice M. Eldridge, who is joining the corporate legal staff as vice president and associate general counsel. Mackay most recently served as vice president of corporate business development and is a former U.S. deputy secretary of Veterans Affairs and U.S. Navy pilot.
“Leo and Ken are superb executives who have broad experience and excellent track records, ” said Bob Stevens, Lockheed Martin chairman and CEO. “I have full confidence that under their leadership we will continue to see strong performance in these two vital corporate functions.”
Lockheed’s board has also authorized a third quarter 2011 dividend of $0.75 per share. The dividend is payable on Sept. 23, 2011 to holders of record as of the close of business on Sept. 1, 2011.
The corporation’s 2010 sales from continuing operations were $45.8 billion
