Summary
Northrop Grumman Corporation (NOC) announced a key leadership change within its finance department, appointing David F. Keffer as the new Corporate Vice President and Chief Financial Officer (CFO), effective February 17, 2020. Mr. Keffer brings a strong background in financial leadership, most recently serving as a General Partner at Blue Delta Capital Partners and previously as CFO at CSRA, Inc. This transition involves the departure of the current CFO, Kenneth L. Bedingfield, who will step down on the same date but remain with the company for a brief transition period. Investors should note the details of Mr. Keffer's compensation package, which includes a base salary of $750,000, eligibility for annual and long-term incentives, and a significant $1,000,000 sign-on grant comprising Restricted Performance Stock Rights and Restricted Stock Rights. Mr. Bedingfield will receive benefits in line with the company's officer severance plan. Additionally, the company confirmed its ongoing commitment to its share repurchase program by entering into a Stock Purchase Plan.
Key Highlights
- 1Appointment of David F. Keffer as new Chief Financial Officer (CFO) effective February 17, 2020.
- 2Departure of current CFO, Kenneth L. Bedingfield, effective February 17, 2020, with a short transition period.
- 3Mr. Keffer's compensation package includes a $750,000 base salary and a $1,000,000 sign-on grant.
- 4Sign-on grant for Mr. Keffer is composed of 70% Restricted Performance Stock Rights and 30% Restricted Stock Rights.
- 5Mr. Bedingfield will receive severance benefits per the company's officer severance plan.
- 6Northrop Grumman entered into a Stock Purchase Plan to continue its previously announced share repurchase program.