Harris Chairman, CEO Lance To Retire By June 2012
May 23 2011 - 5:05PM
Dow Jones News
Harris Corp. (HRS) said longtime Chairman and Chief Executive
Howard L. Lance plans to retire in June 2012, or possibly sooner if
the company finds a suitable successor.
The maker of digital multiband radios has reported continued
top-line growth and said it expects recent acquisitions and
core-business expansions to drive near-term results. Earlier this
month it reported its fiscal third-quarter profit fell 16%, though
adjusted earnings topped analysts' estimates.
Harris said Monday it has hired an executive-search firm to help
it choose from external and internal candidates.
Lance joined the company as president and chief executive in
2003 and was appointed chairman later that year. He might remain
chairman at the board's request to facilitate the transition.
Shares closed Monday at $48.36. Through the close, the stock is
up 4.7% the past year.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com
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