Summary
Northrop Grumman Corporation announced a key change to its Board of Directors on December 8, 2016. The company elected General Mark A. Welsh III to the Board, effective December 8, 2016. General Welsh brings a wealth of experience, having most recently served as the Chief of Staff for the U.S. Air Force until July 2016, and currently holds the position of Dean of the Bush School of Government and Public Service at Texas A&M University. His extensive background in military leadership and public service is expected to be a valuable asset to the company. In addition to his board appointment, General Welsh has been assigned to the Audit Committee and the Policy Committee. This strategic addition and the increase in board size from 13 to 14 members suggest a proactive approach by Northrop Grumman to strengthen its governance and oversight capabilities. The filing also details General Welsh's compensation, including an annual cash retainer, additional retainer for the Audit Committee, and an equity grant in deferred stock units, which are prorated for 2016.
Key Highlights
- 1Northrop Grumman elected General Mark A. Welsh III to its Board of Directors, effective December 8, 2016.
- 2General Welsh's extensive experience includes serving as Chief of Staff of the U.S. Air Force and currently as Dean of the Bush School of Government and Public Service at Texas A&M University.
- 3The Board of Directors' size has been increased from 13 to 14 members.
- 4General Welsh has been appointed to both the Audit Committee and the Policy Committee of the Board.
- 5General Welsh's compensation includes an annual cash retainer, an additional Audit Committee retainer, and an equity grant in deferred stock units.
- 6Compensation for General Welsh will be prorated for the remainder of 2016.