Summary
L3Harris Technologies, Inc. (formerly Harris Corporation) announced a significant business segment reorganization effective with the start of its fiscal year 2016 on July 4, 2015. This strategic realignment is a direct result of the company's recent acquisition of Exelis Inc. The new structure will consolidate operations into four distinct, market-focused business segments: Communication Systems, Critical Networks, Electronic Systems, and Space and Intelligence Systems. This move aims to better align the company's offerings with evolving market demands and capitalize on synergies post-acquisition. In conjunction with this reorganization, two key executives, Sheldon J. Fox and Dana A. Mehnert, have been appointed to new senior leadership roles. Mr. Fox will serve as Senior Vice President, Integration and Engineering, and Mr. Mehnert will be Senior Vice President, Chief Global Business Development Officer. These changes reflect the company's strategic direction and integration efforts following the Exelis acquisition, with both executives reporting directly to the CEO. Investors should note that these appointments and the segment changes are designed to streamline operations and enhance growth opportunities within the newly combined entity.
Key Highlights
- 1Harris Corporation is reorganizing its business segments effective July 4, 2015, to align with market focus.
- 2The reorganization is a result of the recent acquisition of Exelis Inc.
- 3The company will transition from its prior segment structure to four new market-focused segments: Communication Systems, Critical Networks, Electronic Systems, and Space and Intelligence Systems.
- 4Sheldon J. Fox appointed Senior Vice President, Integration and Engineering.
- 5Dana A. Mehnert appointed Senior Vice President, Chief Global Business Development Officer.
- 6New executive roles and segment structure are effective at the start of fiscal year 2016.
- 7The press release detailing these changes is filed as Exhibit 99.1.