Summary
L3Harris Technologies, Inc. (formerly Harris Corporation) filed an 8-K report on August 20, 2012, to disclose a change in its Board of Directors. The Board's authorized size was increased from eleven to twelve members, and retired General Peter W. Chiarelli was appointed to fill the new vacancy. General Chiarelli brings extensive military experience, having most recently served as the U.S. Army Vice Chief of Staff until his retirement in January 2012. His directorship is effective immediately, with a term set to expire at the Company's 2012 Annual Meeting of Shareholders, where he is nominated for reelection. He is expected to be appointed to board committees after this meeting. This appointment signifies a strategic addition to the Board, likely bringing valuable leadership and strategic insights from a high-level government and military background. Investors should note that General Chiarelli will be compensated as a non-employee director according to the company's established outside director compensation policies. No prior reportable transactions exist between General Chiarelli and the company. A press release announcing this appointment is included as an exhibit.
Key Highlights
- 1Board size increased from 11 to 12 directors.
- 2Retired General Peter W. Chiarelli appointed as a new director.
- 3General Chiarelli brings extensive military leadership experience, including nearly 40 years in the U.S. Army and most recently serving as Vice Chief of Staff.
- 4The appointment is effective immediately, with General Chiarelli nominated for reelection at the upcoming 2012 Annual Meeting of Shareholders.
- 5General Chiarelli is expected to be appointed to board committees following the annual meeting.
- 6Compensation for General Chiarelli as a non-employee director will follow the company's established outside director compensation policy.
- 7No reportable prior transactions or understandings between General Chiarelli and the company.