Rocket Lab USA, Inc. (NASDAQ:RKLB) has appointed Kenneth Possenriede to its Board of Directors. The announcement was made on Thursday.

What Happened: Possenriede, who brings over 35 years of experience from Lockheed Martin Corp (NYSE:LMT), served in various financial leadership roles, including as Chief Financial Officer.

Peter Beck, Rocket Lab’s founder and CEO, praised Possenriede’s extensive expertise in aerospace and defense, highlighting his potential to contribute significantly to Rocket Lab’s future. "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," he said.

Possenriede expressed his excitement about joining Rocket Lab, noting the company’s rapid rise as a global space leader. He commended Rocket Lab’s achievements with the Electron launch vehicle and the development of the Neutron rocket, emphasizing his eagerness to support the company’s vision of becoming a leading end-to-end space enterprise.

Possenriede’s background includes roles such as 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.

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Why It Matters: The appointment of Possenriede to Rocket Lab’s board is significant. Lockheed Martin has been experiencing a positive shift in its sales growth, with resumed F-35 deliveries and an improved outlook for its MFC segment, according to RBC Capital Markets.

Rocket Lab’s founder has a unique and inspiring background. In 2006, Beck was escorted off NASA’s premises when he attempted to secure an internship. Undeterred, he returned to New Zealand, sketched a logo on a napkin, and launched Rocket Lab, which is now a multi-billion dollar company.

Price Action: Rocket Lab USA Inc. stock closed at $6.84 on Thursday, down 2.29%. In after-hours trading, the stock rose 4.24%. Year-to-date, Rocket Lab’s stock has gained 28.81%, according to data from Benzinga Pro.

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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote