L3Harris Technologies, Inc. (NYSE:LHX), a leader in aerospace and defense technology with a market capitalization of $40.31 billion and annual revenue exceeding $21 billion, reported on Friday the upcoming retirement of board member General (ret.) Peter W. Chiarelli.
According to InvestingPro data, the company maintains a FAIR financial health score, reflecting its stable market position. The company, which adheres to a policy mandating retirement, stated that Chiarelli's departure is in line with this practice and not due to any disagreement with the company's operations, policies, or practices.
General Chiarelli, who has provided twelve years of service on the board, will not seek re-election at the forthcoming annual shareholders meeting. The announcement was made in a recent 8-K filing with the Securities and Exchange Commission, which also included routine financial statements and exhibits.
L3Harris, with its headquarters in Melbourne, Florida, operates within the high-tech sector of search, detection, navigation, guidance, and aeronautical systems. The company's common stock is traded on the New York Stock Exchange under the ticker symbol LHX.
The retirement of board members in compliance with company policies is a standard governance practice that ensures the injection of new perspectives while honoring the contributions of long-serving members. L3Harris expressed gratitude for General Chiarelli's tenure and his contributions to the company's growth and strategic direction.
This event does not reflect any internal conflicts or changes in the company's strategic outlook, as confirmed by the 8-K filing. The information is based on a press release statement from L3Harris Technologies, Inc.
In other recent news, L3Harris Technologies, Inc. has seen a flurry of activity. The company's CEO, Christopher E. Kubasik, established a pre-arranged trading plan for exercising stock options and selling shares, as disclosed in a regulatory filing with the SEC. The plan, set to commence in March 2025, will allow for the sale of shares issued upon the exercise of vested options granted in February 2017.
In terms of contracts, L3Harris Technologies secured a significant deal potentially worth $999 million with the U.S. Navy. This five-year contract involves the provision of advanced communication technology to U.S. and coalition forces. Furthermore, L3Harris successfully completed the Safety of Flight qualifications for its Viper Shield electronic warfare suite, designed for F-16 fighter jets, which will be provided to the F-16 fleets of six international partners.
In financial highlights, L3Harris' Aerojet Rocketdyne segment reported a revenue increase to $598 million in the third quarter, thanks to a significant increase in rocket motor output. Analyst firms BofA Securities, Jefferies, and Truist Securities have shown confidence in the company's growth strategy, upgrading L3Harris' stock and increasing price targets.
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