HRS Harris Corp.

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