Summary
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, 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.
Key Highlights
- 1Appointment of Kenneth L. Bedingfield as Senior Vice President and Chief Financial Officer, effective December 11, 2023.
- 2Mr. Bedingfield has a strong background in the defense industry, previously serving as CFO at Northrop Grumman and CEO at Epirus, Inc.
- 3Michelle L. Turner is departing as CFO, with no stated disagreements on financial matters.
- 4Mr. Bedingfield's compensation includes a base salary of $850,000 and an annual incentive target of 100% of base salary.
- 5He is eligible for annual equity awards with a target value of $3,750,000.
- 6A one-time sign-on bonus of $200,000 is included, subject to a 12-month clawback provision.
- 7Mr. Bedingfield is covered by L3Harris's Severance Pay Plan and Executive Change in Control Severance Plan.