Summary
Northrop Grumman Corporation (NOC) announced key changes in its financial leadership, effective February 2013. Kenneth L. Bedingfield, previously Corporate Vice President, Controller and Chief Accounting Officer, has transitioned to the role of Chief Financial Officer for the Aerospace Systems sector. This move signifies a strategic reallocation of experienced financial talent within the company. Concurrently, Michael Hardesty has been elected as the new Corporate Vice President, Controller and Chief Accounting Officer. Mr. Hardesty, with extensive experience within Northrop Grumman since 2004, most recently served as CFO for the Information Systems sector. His appointment, effective February 7, 2013, includes a compensation package with restricted stock rights vesting in 2016, aligning his incentives with the company's long-term performance.
Key Highlights
- 1Kenneth L. Bedingfield, former Corporate Vice President, Controller and Chief Accounting Officer, has moved to CFO of the Aerospace Systems sector.
- 2Michael Hardesty has been elected as the new Corporate Vice President, Controller and Chief Accounting Officer.
- 3Mr. Hardesty's appointment is effective February 7, 2013.
- 4Mr. Hardesty has been with Northrop Grumman since 2004, holding various financial leadership roles.
- 5Mr. Hardesty's compensation includes an award of 3,834 restricted stock rights with a three-year vesting period.
- 6The company issued a press release detailing these executive changes, which is filed as an exhibit.