Summary
Northrop Grumman Corporation (NOC) announced a significant addition to its Board of Directors with the election of Arvind Krishna, the Chairman and CEO of IBM. This move, effective November 16, 2022, expands the board size to fourteen members. Mr. Krishna's extensive experience, particularly his leadership roles at IBM in cloud computing and software, is expected to bring valuable strategic insights to Northrop Grumman. Mr. Krishna has been appointed to both the Compensation Committee and the Policy Committee of the board. His compensation for board service includes an annual cash retainer of $140,000 and an annual equity grant valued at $175,000 in deferred stock units. This appointment signifies a strategic enhancement of the board's expertise, potentially influencing the company's direction in technology and corporate governance.
Key Highlights
- 1Arvind Krishna, Chairman and CEO of IBM, elected to Northrop Grumman's Board of Directors.
- 2Board size increased from thirteen to fourteen members.
- 3Mr. Krishna appointed to the Compensation Committee and the Policy Committee.
- 4Mr. Krishna's compensation includes a $140,000 annual cash retainer.
- 5Mr. Krishna will receive an annual equity grant of $175,000 in deferred stock units.
- 6The election of Mr. Krishna aims to leverage his expertise in technology and leadership.