Summary
Northrop Grumman Corporation (NOC) announced a significant expansion of its Board of Directors, appointing two new independent directors, Kimberly A. Ross and Mary A. Winston, effective March 15, 2023. This move increases the Board's size from fourteen to fifteen members. Both Ms. Ross and Ms. Winston bring extensive financial and executive leadership experience, with past roles including CFO and other senior financial positions at prominent companies such as Baker Hughes, Avon Products, WeWork, Bed Bath & Beyond, and Family Dollar Stores. Their appointments are intended to enhance the Board's expertise in financial oversight and governance.
Key Highlights
- 1Appointment of two new independent directors, Kimberly A. Ross and Mary A. Winston, to the Board of Directors.
- 2Board size increased from 14 to 15 members.
- 3Kimberly A. Ross brings substantial CFO experience from companies like Baker Hughes and Avon Products, and has been designated an 'audit committee financial expert'.
- 4Mary A. Winston has served as interim CEO of Bed Bath & Beyond and held CFO roles at Family Dollar Stores and Giant Eagle.
- 5Ms. Ross will serve on the Audit and Risk Committee and the Policy Committee.
- 6Ms. Winston will serve on the Compensation Committee and the Policy Committee.
- 7New directors will receive an annual cash retainer of $140,000 and an annual equity grant of $175,000 in deferred stock units, prorated for 2023.