01—Abstract
Summary
Summary of the 8-K filed December 4, 2023. Cited figures are marked; the original filing is the authoritative source.
L3Harris Technologies, Inc. (LHX) has announced a significant leadership change in its finance department with the appointment of Kenneth L.
Bedingfield as the new Senior Vice President and Chief Financial Officer, effective December 11, 2023. Mr. Bedingfield brings extensive experience from his previous roles, including CEO of Epirus, Inc., and Corporate Vice President and CFO at Northrop Grumman Corporation. This transition involves the departure of Michelle L.
Turner, with whom the company states there are no disagreements regarding financial matters. Investors should note the comprehensive compensation package offered to Mr. Bedingfield, which includes a base salary of $850,000,a annual incentive targets of 100% of base salary, and significant equity awards. Additionally, he will receive a $200,000 sign-on bonus and is covered by the company's standard severance and change-in-control plans, providing a degree of financial security for both the executive and the company.
02—Key points
Key Highlights
- Appointment of Kenneth L. Bedingfield as Senior Vice President and Chief Financial Officer, effective December 11, 2023.
- Mr. Bedingfield has a strong background in the defense industry, previously serving as CFO at Northrop Grumman and CEO at Epirus, Inc.
- Michelle L. Turner is departing as CFO, with no stated disagreements on financial matters.
- Mr. Bedingfield's compensation includes a base salary of $850,000 and an annual incentive target of 100% of base salary.
- He is eligible for annual equity awards with a target value of $3,750,000.
- A one-time sign-on bonus of $200,000 is included, subject to a 12-month clawback provision.
- Mr. Bedingfield is covered by L3Harris's Severance Pay Plan and Executive Change in Control Severance Plan.
03—Questions
Frequently Asked Questions
Who is the new CFO of L3Harris Technologies?
Kenneth L. Bedingfield has been appointed as the new Senior Vice President and Chief Financial Officer of L3Harris Technologies, effective December 11, 2023.
What is Kenneth L. Bedingfield's relevant experience?
Mr. Bedingfield has extensive experience in finance and executive leadership, including serving as Chief Executive Officer of Epirus, Inc., and previously holding roles such as Corporate Vice President and Chief Financial Officer at Northrop Grumman Corporation.
What is the compensation package for the new CFO?
Mr. Bedingfield's compensation includes an $850,000 base salary, an annual incentive target of 100% of his base salary, annual equity awards valued at $3,750,000, and a $200,000 sign-on bonus.
What happens if Mr. Bedingfield's employment is terminated?
Mr. Bedingfield is covered by the L3Harris Severance Pay Plan and Executive Change in Control Severance Plan. The plans provide for severance benefits, including cash payments and continued benefits, depending on the circumstances of termination (e.g., involuntary termination without cause, or termination following a change in control).
04—Continue