Summary
Northrop Grumman Corporation (NOC) announced a significant change in its accounting leadership through an 8-K filing on November 17, 2011. Kenneth N. Heintz, the Corporate Vice President, Controller, and Chief Accounting Officer, is retiring from his principal accounting officer role following the company's 2011 10-K filing and will fully retire before March 31, 2012. This transition marks the end of Mr. Heintz's tenure in a key financial oversight position. To ensure a smooth handover, the Board of Directors has elected Kenneth L. Bedingfield as the new Corporate Vice President, Finance, effective November 28, 2011, and he will assume the Chief Accounting Officer responsibilities upon Mr. Heintz's departure. Mr. Bedingfield brings extensive experience from KPMG LLP, where he served in various roles within their Aerospace and Defense audit practice, including National Client Leader. Investors should note that no material compensatory arrangements were disclosed for Mr. Bedingfield in connection with this appointment, indicating a standard compensation package for the role.
Key Highlights
- 1Kenneth N. Heintz, Corporate Vice President, Controller and Chief Accounting Officer, will retire from his principal accounting officer duties after the 2011 10-K filing and fully retire by March 31, 2012.
- 2Kenneth L. Bedingfield has been elected Corporate Vice President, Finance, effective November 28, 2011.
- 3Mr. Bedingfield will assume the role of Chief Accounting Officer upon Mr. Heintz's retirement from that specific position.
- 4Mr. Bedingfield brings substantial experience from KPMG LLP, including leadership in their Aerospace and Defense audit practice.
- 5The company has not entered into any material compensatory arrangements or granted material awards for Mr. Bedingfield's appointment.
- 6The filing includes a press release detailing these leadership changes as Exhibit 99.1.