Summary
L3Harris Technologies, Inc. (formerly Harris Corporation) announced a significant change in its executive leadership on February 11, 2014, with the appointment of Miguel “Mick” Lopez as the new Senior Vice President, Chief Financial Officer (CFO). Mr. Lopez succeeds Gary L. McArthur, whose departure is amicable and for personal career pursuits. This transition marks the arrival of a CFO with a robust background, including previous CFO roles at Aricent Group and senior finance positions at Cisco Systems and Tyco International, underscoring the company's focus on experienced financial leadership. The filing details Mr. Lopez's compensation package, which includes a base salary of $525,000, eligibility for annual cash incentives, and a significant initial grant of 12,500 restricted stock units vesting in March 2017. Furthermore, he is slated to receive annual equity grants starting in fiscal year 2015 valued at $1,200,000. The agreement also outlines severance provisions in case of termination without cause or constructive termination, as well as benefits related to a change in control, providing a layer of security for the new executive.
Key Highlights
- 1Appointment of Miguel “Mick” Lopez as Senior Vice President, Chief Financial Officer (CFO).
- 2Gary L. McArthur departs as CFO to pursue other career opportunities; his departure is amicable.
- 3Mr. Lopez brings extensive financial experience from prior roles at Aricent Group, Cisco Systems, and Tyco International.
- 4Mr. Lopez's compensation includes a base salary of $525,000 and a target annual cash incentive of 75% of his base salary.
- 5Initial equity grant of 12,500 restricted stock units (RSUs) to vest on March 3, 2017.
- 6Annual equity grants for fiscal year 2015 and beyond are targeted at $1,200,000.
- 7Employment agreement includes provisions for severance pay upon termination without cause or constructive termination, and a change-in-control agreement.