MELBOURNE, Fla., May 23, 2011 /PRNewswire/ -- Harris Corporation
(NYSE: HRS), an international communications and information
technology company, today announced that it is implementing a CEO
succession plan after Howard L.
Lance, its chairman, president and CEO, advised the Board of
Directors that he would like to retire at the end of the next
fiscal year in June 2012, or such
time as a suitable successor can be identified. The Board has
engaged an executive search firm to assist in the process of
contacting and evaluating external and internal candidates.
Lance, 55, will remain in his present positions pending the
appointment of his successor as chief executive officer, and will
continue as chairman should the Board request that he stay for an
additional period in order to facilitate the transition.
Lance joined Harris in January
2003 as president and chief executive officer and was
appointed chairman of the board in June
2003.
Lewis Hay III, lead independent
director of the Harris Board of Directors, said, "Howard has been
an outstanding leader since he joined the company in 2003.
Under his stewardship, Harris has posted steady and strong
top-line and bottom-line growth, with eight-year CAGRs of 16 and 24
percent respectively, and he has led the transformation of Harris
into the leading international technology company it is today.
While we would be pleased if he would continue as CEO well
into the future, the Board respects his desire to achieve other
personal goals and, with Howard's encouragement, decided that it
made sense to immediately proceed with implementation of a
succession plan. We are delighted that Howard is equally
committed to assuring the success of this effort and is willing to
remain through a smooth transition to new leadership."
Said Lance, "We have accomplished a tremendous amount over the
past eight years, and I am very proud of our entire team. We
continue to post solid financial results and are well positioned
across our diversified served markets with strong customer
relationships, leading technologies and deep management talent.
Our guidance for fiscal 2012, along with the potential for
double digit earnings growth identified through fiscal 2014,
creates excellent momentum going forward. With Harris on such
strong footing, I believe that this is the right time for me to
move on to the next chapter of my life. I am confident the
Board will select a world-class leader to continue to grow the
company and build on the strong base we have in place today.
I remain fully committed to ensuring that we don't miss a
beat during the succession process."
About Harris Corporation
Harris is an international communications and information
technology company serving government and commercial markets in
more than 150 countries. Headquartered in Melbourne, Florida, the company has
approximately $6 billion of annual
revenue and more than 16,000 employees — including nearly 7,000
engineers and scientists. Harris is dedicated to developing
best-in-class assured communications® products,
systems, and services. Additional information about Harris
Corporation is available at www.harris.com.
Forward-Looking Statements
Statements in this press release that are not historical facts
are forward-looking statements that reflect management's current
expectations, assumptions, and estimates of future performance and
economic conditions. Such statements are made in reliance upon the
safe harbor provisions of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements in this release include but are not
limited to: statements regarding potential earnings growth; and
statements regarding outlook. The company cautions investors that
any forward-looking statements are subject to risks and
uncertainties that may cause actual results and future trends to
differ materially from those matters expressed in or implied by
such forward-looking statements. The company's consolidated results
and the forward-looking statements could be affected by many
factors, including but not limited to: the loss of our relationship
with the U.S. government or a shift in U.S. government funding;
potential changes in U.S. government or customer priorities; risks
inherent with large long-term fixed-price contracts, particularly
the ability to contain cost overruns; financial and government and
regulatory risks relating to international sales and operations;
our ability to continue to develop new products that achieve market
acceptance; the consequences of future geo-political events;
strategic acquisitions and the risks and uncertainties related
thereto, including our ability to manage and integrate acquired
businesses; performance of our subcontractors and suppliers;
potential claims that we are infringing the intellectual property
rights of third parties; the successful resolution of patent
infringement claims and the ultimate outcome of other
contingencies, litigation and legal matters; risks inherent in
developing new technologies; changes in our effective tax rate; the
potential impact of natural disasters or other disruptions on our
operations; the potential impact of a security breach, through
cyber attack or otherwise, or other significant disruptions of our
IT networks and systems or those we operate for customers; the
potential impact of satellite bandwidth constraints on our managed
satellite communications services; changes in future business
conditions that could cause business investments and/or recorded
goodwill to become impaired; and the general downturn in the global
economy. Further information relating to factors that may impact
the company's results and forward-looking statements are disclosed
in the company's filings with the SEC. The forward-looking
statements contained in this release are made as of the date of
this release, and the company disclaims any intention or
obligation, other than imposed by law, to update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
SOURCE Harris Corporation