Summary
This 8-K filing from Harris Corporation (now L3Harris Technologies, Inc.) announces a significant organizational change and an upcoming adjustment to its segment reporting structure. Robert K. Henry has been appointed to the newly created role of Executive Vice President and Chief Operating Officer, effective immediately. This move positions a seasoned executive to oversee operations more broadly. Additionally, the company plans to revise its segment reporting starting in fiscal year 2008, consolidating its business into four key areas: Government Communications Systems, Defense Communications and Electronics, Broadcast Communications, and Harris Stratex Networks, Inc. These changes suggest a strategic focus on operational efficiency and clearer business unit delineation for investors.
Key Highlights
- 1Robert K. Henry appointed to the new position of Executive Vice President and Chief Operating Officer, effective May 21, 2007.
- 2Mr. Henry's appointment was not accompanied by a salary increase or new equity awards; his compensation details are referenced from a prior filing.
- 3Harris Corporation will implement adjusted segment reporting for fiscal year 2008, beginning June 30, 2007.
- 4The revised segment reporting will encompass four divisions: Government Communications Systems, Defense Communications and Electronics, Broadcast Communications, and Harris Stratex Networks, Inc.
- 5Mr. Henry is covered by a change in control severance agreement providing benefits upon termination without cause or for good reason within two years of a change of control.
- 6No new transactions requiring disclosure under Item 404(a) of Regulation S-K were reported for Mr. Henry's appointment.
- 7The filing includes a press release dated May 21, 2007, as Exhibit 99.1.