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NORTHROP GRUMMAN CORP /DE/ 8-K Report, Executive Changes (Nov 17, 2022)

Reports
Leadership Changes·Exhibits & Filings
Filing Date
Filed November 17, 2022
Period End
November 16, 2022
Security
NOC
In the record · 2016–202610-K1110-Q328-K121

NOC filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 121 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Oct ’17Oct ’17
  2. Material agreement8-K · Oct ’19Oct ’19
  3. Leadership change8-K · Nov ’21Nov ’21
  4. Leadership change8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed November 17, 2022. Cited figures are marked; the original filing is the authoritative source.

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 $140,000a 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.

02—Key points

Key Highlights

  1. Arvind Krishna, Chairman and CEO of IBM, elected to Northrop Grumman's Board of Directors.
  2. Board size increased from thirteen to fourteen members.
  3. Mr. Krishna appointed to the Compensation Committee and the Policy Committee.
  4. Mr. Krishna's compensation includes a $140,000 annual cash retainer.
  5. Mr. Krishna will receive an annual equity grant of $175,000 in deferred stock units.
  6. The election of Mr. Krishna aims to leverage his expertise in technology and leadership.

03—Questions

Frequently Asked Questions

  1. What is the significance of Arvind Krishna joining the Northrop Grumman board?

    Arvind Krishna's appointment is significant due to his prominent leadership role as Chairman and CEO of IBM. His extensive experience in technology, particularly in cloud computing and software development, is expected to provide valuable strategic insights and enhance the board's expertise.

  2. What committees will Arvind Krishna serve on?

    Mr. Krishna has been appointed to the Compensation Committee and the Policy Committee of Northrop Grumman's Board of Directors.

  3. What is the compensation for Arvind Krishna's board service?

    Mr. Krishna is entitled to an annual cash retainer of $140,000 and an annual equity grant of $175,000 in deferred stock units. Both will be prorated for 2022.

  4. Why did Northrop Grumman increase the size of its board?

    The board size was increased from thirteen to fourteen members to accommodate the addition of new director Arvind Krishna.

04—Continue

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