01—Abstract
Summary
Summary of the 8-K filed February 24, 2023. Cited figures are marked; the original filing is the authoritative source.
L3Harris Technologies, Inc. (LHX) announced on February 24, 2023, a significant update to its Board of Directors.
The company has increased the authorized number of directors from fourteen to fifteen and elected General Edward A. Rice, Jr. (Ret.) to fill the newly created vacancy. General Rice, a decorated 35-year veteran of the U.S. Air Force, brings extensive leadership and operational experience to the Board, having most recently commanded the Air Education and Training Command.
This appointment is effective immediately and General Rice will serve until the Company's 2023 Annual Meeting of Shareholders. He has not been assigned to any Board committees at this time. The addition of General Rice is expected to enhance the Board's strategic oversight, particularly given his background in complex military operations and command, which may offer valuable insights into the defense and technology sectors in which L3Harris operates.
02—Key points
Key Highlights
- L3Harris Technologies has expanded its Board of Directors from 14 to 15 members.
- General Edward A. Rice, Jr. (Ret.) has been elected as a new director to the Board.
- General Rice is a 35-year U.S. Air Force veteran, with his last role being commander of Air Education and Training Command.
- His appointment is effective February 23, 2023, and will last until the 2023 Annual Meeting of Shareholders.
- General Rice was not appointed to any Board committees upon his election.
- The company issued a press release on February 24, 2023, to announce this board change.
03—Questions
Frequently Asked Questions
Why did L3Harris Technologies increase the size of its Board of Directors?
The company increased the authorized number of directors from fourteen to fifteen to accommodate the addition of General Edward A. Rice, Jr. (Ret.) to the Board.
What is General Edward A. Rice, Jr.'s relevant experience?
General Rice is a retired U.S. Air Force officer with 35 years of service, most recently serving as commander of the Air Education and Training Command. His extensive military leadership and operational experience are considered valuable assets for the Board.
Will General Rice receive any special compensation or have conflicts of interest?
General Rice will be compensated as a non-employee director according to the company's standard compensation plan for such directors. The filing states there are no undisclosed arrangements or transactions between General Rice and the company that require reporting.
Has General Rice been assigned to any Board committees yet?
No, at the time of his election, General Rice was not appointed to any committees of the Board of Directors.
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