Summary
Northrop Grumman Corporation (NOC) announced the immediate election of Thomas M. Schoewe to its Board of Directors, effective August 17, 2011. Mr. Schoewe brings significant financial expertise, having previously served as Executive Vice President and Chief Financial Officer of Wal-Mart Stores, Inc. from 2000 to 2010. His appointment strengthens the board's oversight capabilities, particularly in financial matters. Mr. Schoewe has been appointed to the Audit Committee and the Policy Committee, and has been deemed an "audit committee financial expert" by the SEC. His compensation includes an annual cash retainer of $115,000, an additional $10,000 for his role on the Audit Committee, and an annual equity grant of $130,000 in deferred stock units. This move underscores the company's commitment to robust financial governance and experienced leadership.
Key Highlights
- 1Election of Thomas M. Schoewe to the Board of Directors, effective August 17, 2011.
- 2Mr. Schoewe's extensive financial background, including his tenure as EVP and CFO of Wal-Mart Stores, Inc.
- 3Appointment of Mr. Schoewe to the Audit Committee and Policy Committee.
- 4Recognition of Mr. Schoewe as an "audit committee financial expert" by the SEC.
- 5Details of Mr. Schoewe's compensation, including annual cash retainer, Audit Committee retainer, and deferred stock unit grant.
- 6The press release announcing this appointment is included as Exhibit 99.1.