Summary
This 8-K filing from Harris Corporation, filed on March 2, 2006, reports on a significant change in its principal officer leadership. Effective March 1, 2006, Bryan R. Roub retired as Senior Vice President and Chief Financial Officer (CFO). He will continue to serve in a Senior Vice President capacity until his official retirement on June 30, 2006, to facilitate a smooth transition within the finance organization. Concurrently, the company announced the promotion of Gary L. McArthur to the position of Vice President and CFO, effective March 1, 2006. This transition signifies a change in financial leadership for Harris Corporation. Investors should note Mr. McArthur's compensation structure, including his base salary, incentive plan targets, and severance agreement in the event of a change in control.
Key Highlights
- 1Bryan R. Roub is retiring as CFO of Harris Corporation, effective June 30, 2006.
- 2Mr. Roub will transition to a Senior Vice President role until his retirement to assist with finance organization changes.
- 3Gary L. McArthur has been appointed as the new Vice President and Chief Financial Officer, effective March 1, 2006.
- 4Mr. McArthur's starting base salary will be $320,000.
- 5He is eligible for an annual incentive plan with a target payout of $180,000 for fiscal year 2006, based on EPS and revenue.
- 6Mr. McArthur has a change in control severance agreement providing specific benefits if his employment is terminated within two years of a change in control.
- 7The company filed a press release dated February 28, 2006, as an exhibit detailing these executive changes.