May 12, 2011
SpaceX Names Bret Johnsen As Chief Financial Officer
Former Broadcom Executive Joins Company at a Time of Incredible Growth
Space Exploration Technologies (SpaceX) has named Bret Johnsen as Chief Financial Officer, bringing 20 years of financial leadership experience in high-profile, publicly traded companies to SpaceX as it undergoes rapid growth on the back of tremendous technological and market success.
Johnsen's appointment follows the company's fourth straight year of profitability (2007-2010). The total value of SpaceX NASA and commercial contracts recently topped $3 billion for over 40 launches. The company has also grown to more than 1,300 employees.
"Bret has an exceptional talent for financial management in high-growth, publicly held technology companies," said Elon Musk, SpaceX CEO and CTO. "Looking at his career, he is clearly someone that always sought out tough challenges and produced impressive results. His experience will be invaluable to SpaceX as we implement the financial standards and processes needed to allow for the possibility of becoming a public company."
"I am thrilled to be part of a team that is transforming the space industry," said Johnsen. "It is exciting to join such a pioneering company as it continues to grow and increase market share. My job at SpaceX will be to ensure financial discipline, while supporting the formula that makes SpaceX great."
Johnsen spent nearly a decade at Broadcom Corporation, the world's largest manufacturer of semiconductors for wired and wireless communications. He played a key role in helping transform Broadcom into a leading Fortune 500 technology company. There he developed processes that drove operating efficiencies, saving Broadcom millions of dollars annually. Starting out as Controller for a number of business groups within Broadcom, he quickly rose up the ranks. He ultimately was named Vice President, Corporate Controller and Principal Accounting Officer, overseeing an 80-member accounting organization in nine countries for the cutting-edge technology company.
After leaving Broadcom, he served as Senior Vice President and Chief Financial Officer for Mindspeed Technologies. Last year, he was named "CFO of the Year" by the Orange County Business Journal for bringing the chip maker through the recession by cutting costs, reworking debt, selling stock and raising cash through patent sales. "The moves helped reposition Mindspeed for profitability and brought renewed attention from Wall Street," the Journal said.
Johnsen holds a Bachelor of Science in Accounting from the University of Southern California and a Master of Science in Finance from San Diego State University. He is a certified public accountant in the State of California.
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