Summary
This 8-K/A filing from Northrop Grumman Corporation (NOC) provides an amendment regarding the compensation details for Kenneth Crews, who is set to become Corporate Vice President and Chief Financial Officer effective October 1, 2024. The filing confirms his annualized base salary will be $850,000 and he will have an annual incentive target bonus of 100% of his base salary. This bonus will be prorated for the remainder of fiscal year 2024 and will be tied to the company's pre-established performance goals.
Key Highlights
- 1Kenneth Crews' official start date as CFO is October 1, 2024.
- 2His annual base salary is set at $850,000.
- 3He is eligible for an annual incentive target bonus of 100% of his base salary.
- 4The annual incentive bonus for 2024 will be prorated based on his start date.
- 5Mr. Crews will continue to participate in the company's long-term incentive compensation program.
- 6Future long-term incentive compensation awards for Mr. Crews are expected in 2025.
Frequently Asked Questions
This filing amends a previous 8-K by providing specific compensation details for Kenneth Crews, who is transitioning into the role of Corporate Vice President and Chief Financial Officer.
Kenneth Crews officially becomes CFO on October 1, 2024, with an annualized base salary of $850,000.
Mr. Crews is eligible for an annual incentive target bonus of 100% of his base salary. For fiscal year 2024, this bonus will be prorated, and its actual payout will depend on the company achieving pre-established performance goals.
Yes, Mr. Crews will continue to be eligible for the company's long-term incentive compensation program, with awards anticipated in 2025.