News coming from Rocket Lab USA (NASDAQ: RKLB) tilted heavily toward the positive over the last five trading days. That inspired market players to buy the company’s stock, to the point where it notched a convincing double-digit gain. According to data compiled by S&P Global Market Intelligence, Rocket Lab’s shares rocketed (sorry) more than 28% higher over the course of the week.
A top manager is about to take office
On Tuesday, Rocket Lab announced a major change in its C-suite. The company said it hired a new COO, Frank Klein, and is wasting little time installing him in the new position. He will formally take up the job this coming Monday, Sept. 16.
Klein is a 30-plus year veteran of the automotive industry, Rocket Lab wrote in its press release on its latest high-level hire. He filled a number of managerial roles at the company now known as Mercedes-Benz Group during a 27-year stint at the famous vehicle maker. Among these many positions was vice president of van operations.
In the press release trumpeting Klein’s hire, Rocket Lab quoted CEO Peter Beck as saying that the incoming COO “is an experienced and seasoned leader in manufacturing and global operations who will bring vision and a strong wealth of knowledge in lean manufacturing and scaling to Rocket Lab at a pivotal time in our evolution as an end-to-end space company.”
Mission to Mars
Rocket Lab could certainly use a bit of seasoned operational experience at the top of its managerial food chain. It’s a company on the move, after all — last week it announced it completed a pair of spacecraft intended for Mars exploration. The two will be used in the Escapade mission being conducted by a partnership of the National Aeronautics and Space Administration (NASA) and the University of California, Berkeley.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends Rocket Lab USA. The Motley Fool has a disclosure policy.
Why Rocket Lab USA Stock Was Soaring This Week was originally published by The Motley Fool
