Summary
Northrop Grumman Corporation announced a significant change to its Board of Directors with the election of James S. Turley, effective February 19, 2015. Mr. Turley, a former Chairman and CEO of Ernst & Young, brings extensive financial and leadership experience to the company. His appointment strengthens the board's expertise, particularly in financial oversight, as he has been designated as an "audit committee financial expert." The election of Mr. Turley also led to an increase in the Board's size from 11 to 12 members. His compensation package includes an annual cash retainer, an additional retainer for Audit Committee service, and a substantial equity grant in deferred stock units, reflecting the value placed on his contributions and experience. This move indicates a focus on enhancing corporate governance and financial acumen at the highest levels of the company.
Key Highlights
- 1Northrop Grumman elected James S. Turley to its Board of Directors, effective February 19, 2015.
- 2Mr. Turley previously served as Chairman and Chief Executive Officer of Ernst & Young from 2001 to 2013.
- 3The Board appointed Mr. Turley to the Audit Committee and designated him as an "audit committee financial expert."
- 4Mr. Turley was also appointed to the Policy Committee.
- 5The size of the Board of Directors was increased from 11 to 12 members to accommodate the new appointment.
- 6Mr. Turley's compensation includes an annual cash retainer, an Audit Committee retainer, and a deferred stock unit equity grant.
- 7A press release announcing Mr. Turley's election is attached as Exhibit 99.1.