Rocket Lab USA, Inc. (RKLB) has strengthened its Board of Directors with the appointment of Kenneth Possenriede. Possenriede brings over 35 years of experience from Lockheed Martin Corp (LMT), where he held various financial leadership roles, including Chief Financial Officer.
Peter Beck, Rocket Lab’s founder and CEO, expressed enthusiasm about Possenriede’s addition, highlighting his profound expertise in aerospace and defense. “Ken’s deep aerospace and defense industry experience, combined with accomplished financial leadership, adds even more horsepower to Rocket Lab’s already impressive board line-up,” Beck said.
Possenriede, in turn, expressed his excitement about joining Rocket Lab, emphasizing the company’s rapid rise as a global space leader. He commended Rocket Lab’s achievements, particularly the Electron launch vehicle and the development of the Neutron rocket.
Possenriede’s background includes key roles like Vice President of Finance and Program Management for Lockheed Martin Aeronautics Company, Vice President and Treasurer for Lockheed Martin Corporation, and Vice President of Finance for the Electronic Systems organization. He holds an MBA from the University of Michigan and a bachelor’s degree in economics from Rutgers University.
The appointment is particularly significant in light of Lockheed Martin’s recent positive sales growth, driven by resumed F-35 deliveries and an improved outlook for its MFC segment, according to RBC Capital Markets.
This appointment underscores Rocket Lab’s ambitious goals and its commitment to building a leading end-to-end space enterprise. The company’s founder, Peter Beck, has a remarkable journey, starting with a failed attempt to secure an internship at NASA in 2006. Undeterred, he returned to New Zealand, sketched a logo on a napkin, and launched Rocket Lab, which has now become a multi-billion dollar company.
Rocket Lab USA Inc. stock closed at $6.84 on Thursday, down 2.29%. However, it rose 4.24% in after-hours trading. Year-to-date, Rocket Lab’s stock has gained 28.81%.
