Wall Street hates surprises, especially unexpected changes in the C-suite just days before earnings are released.

On Thursday, Lockheed Martin (LMT -2.77%) delivered just that surprise and the stock reacted accordingly. Shares of Lockheed plunged 6% at the open before recovering as the day went on, down 2% as of 1:30 p.m. ET.

A change in the cockpit

Before markets opened, Lockheed said that CFO Jay Malave had advised the company he is “pursing other opportunities,” and announced Evan Scott as Malave’s replacement. Scott has been with Lockheed for 26 years, including serving as the company’s treasurer and CFO of two of its business units.

This has been a turbulent position for Lockheed Martin. Malave was recruited to the company in February 2022 from rival L3 Harris to replace Ken Possenriede, who had retired the summer before due to personal reasons.

Lockheed said Malave’s departure was not related to any accounting or financial issues or disagreements. The company also reaffirmed its previously issued guidance for 2025 results. Lockheed Martin is scheduled to announce first-quarter results next week.

Is Lockheed Martin stock a buy?

It has been a rough year for Lockheed Martin.

The F-35, Lockheed’s signature program, continues to fight through teething issues. The company was bested by Boeing in its effort to secure the Air Force’s sixth-generation fighter program, a program that would have provided billions in funding and years of future business. Lockheed is also reportedly falling behind a group of private companies led by Elon Musk’s SpaceX in the battle to upgrade the nation’s missile defense.

Defense companies tend to ebb and flow, and Lockheed Martin is definitely flying through a lull right now. But the company has a massive portfolio of future business addressing a range of different Pentagon concerns. Investors also can count on a dividend currently yielding nearly 3% as they wait for the next catalyst.

For those with patience, it looks like a good time to add Lockheed Martin to the watch list.