Lockheed Martin, a global security company, released on June 23 that its Board of Directors selected Kenneth R. Possenriede as vice president and treasurer, and Leo S. Mackay, Jr. as vice president of ethics and business conduct.
Both will be starting their positions and duties on July 1. Possenriede succeeds John McCarthy, who is retiring after 40 years of service. Mackay will be taking over the position from Alice M. Eldridge who is joining the corporate legal team as vice president and associate general counsel.
In Possenriede’s new role he will lead banking activity, such as global treasury operations, capital markets, foreign exchange, capital planning and risk management. He previously led financial activities for the company’s Electronic Systems and Space Systems business areas in the U.S. as well as in the United Kingdom.
Mackay will be managing ethics and compliance activity such as employee training, management issues and performance training. Recently, he served as vice president of corporate business development. Mackay was also the former U.S. deputy secretary of Veterans Affairs and a 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 chief executive officer. “I have full confidence that under their leadership we will continue to see strong performance in these two vital corporate functions.”