8-KLeadership ChangesExhibits & Filings

NORTHROP GRUMMAN CORP /DE/ 8-K Report, Executive Changes (Feb 7, 2013)

Filed February 7, 2013For Securities:NOC

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.

Frequently Asked Questions

Northrop Grumman announced that Kenneth L. Bedingfield has transitioned from Corporate Vice President, Controller and Chief Accounting Officer to Chief Financial Officer of the Aerospace Systems sector. Michael Hardesty has been elected as the new Corporate Vice President, Controller and Chief Accounting Officer.

Michael Hardesty has been employed by Northrop Grumman since 2004 and has held several significant financial positions, including Chief Financial Officer for the Information Systems sector since July 2011, and previously served as Vice President of Internal Audit and CFO for other divisions.

Michael Hardesty will receive salary, bonus, and equity awards consistent with his new role. Specifically, he was awarded 3,834 restricted stock rights, with these rights scheduled to vest on February 6, 2016.

Yes, a press release announcing these executive changes, titled 'Northrop Grumman Elects Michael Hardesty Corporate Vice President, Controller and Chief Accounting Officer,' dated February 7, 2013, has been filed as Exhibit 99.1 to this 8-K report.