Summary
This Form 8-K filing by Harris Corporation (now L3Harris Technologies, Inc.) primarily announces a change in the composition of its Board of Directors. Effective September 1, 2013, the Board's size was increased from twelve to thirteen members, with the appointment of Vyomesh Joshi as a new director. Mr. Joshi brings extensive experience from his 32-year tenure at Hewlett-Packard, where he held an executive vice president position. His appointment is seen as a move to enhance the board's expertise and oversight. Investors should note that Mr. Joshi's initial term will conclude at the upcoming 2013 Annual Meeting of Shareholders, where his re-election will be subject to shareholder vote. He is expected to be assigned to board committees after this meeting. While the filing does not contain material financial updates, the addition of a director with a significant background in technology and business operations like Mr. Joshi could signal a strategic focus on leveraging that expertise for future company growth and governance. The compensation for Mr. Joshi as a non-employee director will follow the company's established policy for outside directors, as previously disclosed.
Key Highlights
- 1Harris Corporation increased its Board of Directors from twelve to thirteen members.
- 2Vyomesh Joshi was appointed as a new director to the Board, effective September 1, 2013.
- 3Mr. Joshi recently retired from Hewlett-Packard after a 32-year career, including an executive vice president role.
- 4The appointment of Mr. Joshi is based on the recommendation of the Corporate Governance Committee.
- 5Mr. Joshi's initial term as director will expire at the Company’s 2013 Annual Meeting of Shareholders.
- 6He is expected to be appointed to one or more standing committees of the Board after the 2013 Annual Meeting.
- 7Mr. Joshi will be compensated as a non-employee director according to the company's established policy.