Summary
L3Harris Technologies (formerly Harris Corporation) filed an 8-K on May 23, 2011, to announce a planned CEO succession. Howard L. Lance, the current Chairman, President, and CEO, informed the Board of Directors of his intention to retire at the end of the next fiscal year, June 2012, or sooner if a successor is identified. The Board has initiated a search for both internal and external candidates with the help of an executive search firm. Mr. Lance will continue in his current roles to ensure a smooth transition and may remain as Chairman if requested by the Board to facilitate this process.
Key Highlights
- 1CEO Howard L. Lance has announced his intention to retire by June 2012.
- 2The retirement is planned for the end of the next fiscal year, with an option for earlier departure.
- 3Harris Corporation's Board of Directors has commenced a CEO succession planning process.
- 4The search for a successor will include both internal and external candidates.
- 5An executive search firm has been engaged to assist in the selection process.
- 6Mr. Lance will remain in his current leadership positions until a successor is appointed.
- 7The Board may request Mr. Lance to continue as Chairman to aid the transition.