Lockheed Martin Corporation (NYSE: LMT) today announced that its board of directors has appointed John Mollard as vice president and treasurer, and elected Mollard as a corporate officer. His appointment is effective April 4.

Mollard will succeed Ken Possenriede, who has served as corporate treasurer since July 2011. Possenriede will become vice president, Finance and Business Operations at Aeronautics in Fort Worth, Texas.

“John’s extensive background and understanding of our business culture are valuable assets that will provide continuity to our global banking operations,” said Lockheed Martin Chairman, President and CEO Marillyn Hewson. “He has a unique level of expertise that will be critical to developing treasury strategies in the years ahead.”

In his new position, Mollard will lead the corporation’s worldwide banking activity, including global treasury operations, foreign exchange and capital markets, rating agency relations, capital planning, facilities and risk management. He will also oversee the LMC Properties subsidiary.

Mollard, currently serves as vice president of Financial Planning and Analysis at Lockheed Martin Corporate Headquarters in Bethesda, Maryland, and has served in his current role since 2003. He began his career at Lockheed Martin in 1983 as a financial analyst with Mission Systems in Gaithersburg, Maryland. During his more than 30-year career with the Corporation, Mollard has held a number of positions of increasing responsibility within the program finance, pricing and planning functions.