Summary
Northrop Grumman Corporation announced a significant leadership transition within its finance department through an 8-K filing on December 8, 2014. The key event is the election of Kenneth L. Bedingfield as the new Corporate Vice President and Chief Financial Officer (CFO), effective after the company files its Form 10-K for the fiscal year ending December 31, 2014. Mr. Bedingfield, who has been with Northrop Grumman since 2011 and most recently served as Vice President, Finance, brings a wealth of experience from both within the company and his prior tenure at KPMG LLP, where he was an audit partner in the Aerospace and Defense practice. Concurrently, the filing disclosed the planned retirement of the current CFO, James F. Palmer, effective July 3, 2015. Mr. Palmer will transition out of his role as Principal Financial Officer after the 2014 10-K filing but will remain with the company until his retirement date. This planned succession aims for a smooth transition, with Mr. Bedingfield's appointment at a salary of $700,000 and a target bonus of 100% reflecting his new responsibilities.
Key Highlights
- 1Kenneth L. Bedingfield appointed Corporate Vice President and Chief Financial Officer (CFO) effective post-2014 10-K filing.
- 2Current CFO, James F. Palmer, announced his retirement effective July 3, 2015.
- 3Mr. Palmer will transition from Principal Financial Officer role post-2014 10-K filing but remain with the company until retirement.
- 4Mr. Bedingfield has been with Northrop Grumman since 2011 and held various senior finance positions.
- 5Mr. Bedingfield's prior experience includes significant roles at KPMG LLP, including audit partner for Aerospace and Defense.
- 6Mr. Bedingfield's compensation includes a base salary of $700,000 and a 100% target bonus.
- 7The company will ensure continued participation in benefit and compensation plans consistent with Mr. Bedingfield's new role.