Summary
Northrop Grumman Corporation announced a change to its Board of Directors, electing William H. Hernandez as a new director. Mr. Hernandez brings extensive financial experience, having served as Senior Vice President, Finance and Chief Financial Officer of PPG Industries, Inc. from 1995 until his retirement in 2009. His appointment is effective September 19, 2013, and the board size has been increased from 12 to 13 members to accommodate this addition. Mr. Hernandez's expertise will be leveraged through his appointments to the Audit Committee, where he has been designated an "audit committee financial expert," and the Policy Committee. His compensation for board service includes an annual cash retainer and a deferred stock unit grant, reflecting the company's commitment to attracting experienced leadership. This move suggests a focus on strengthening financial oversight and strategic guidance at the board level.
Key Highlights
- 1William H. Hernandez elected to the Board of Directors, effective September 19, 2013.
- 2Hernandez brings significant financial expertise, formerly CFO of PPG Industries, Inc.
- 3Appointed to the Audit Committee and designated as an "audit committee financial expert."
- 4Also appointed to the Policy Committee.
- 5Board size increased from 12 to 13 members to accommodate the new director.
- 6Hernandez's compensation includes an annual cash retainer and deferred stock units.