Harris Corporation (NYSE:HRS), an international communications
and information technology company, today announced that its Board
of Directors has appointed William M. Brown president and chief
executive officer effective November 1, 2011. The Board expects to
appoint Brown, 48, to the Board of Directors at its December 2011
meeting. Brown succeeds Howard L. Lance, who has served as CEO
since January 2003. Mr. Lance announced in May 2011 his intention
to retire when a successor was named. Mr. Lance, 55, will continue
to serve as chairman, president and CEO through October 31, 2011,
and will then serve as non-executive chairman of the Board until
December 31, 2011.
On January 1, 2012, Thomas A. Dattilo, 60, former chairman,
president and CEO of Cooper Tire and Rubber Company, and a member
of the Harris Board of Directors since 2001, will become
non-executive chairman of the Board. Dattilo is expected to serve
in this role for up to two years. The Board expects to name Brown
to the combined chairman and CEO role at a later date.
Brown joins Harris from United Technologies Corporation
(NYSE:UTX), where he held several senior leadership roles since he
joined the company in 1997. During the past six months, as Senior
Vice President, Corporate Strategy and Development, he has been
responsible for the company’s global strategic planning and M&A
activity.
Prior to that role he served five years as president of UTC’s
$6.5 billion Fire & Security division, where he led 45,000
employees, operating 41 factories and 350 branches across 35
countries. In this role, he successfully executed and integrated a
number of acquisitions, grew sales from $4.2 billion to $6.5
billion and tripled operating profits. During his tenure he
transformed the division to a global leader in the $100 billion
fire safety and electronic security market, while executing
restructuring and productivity initiatives resulting in significant
cost savings and return on capital improvement.
Previously Brown held U.S. and international leadership
positions in UTC’s Carrier Corporation subsidiary, where he
demonstrated a command of the economics of different business units
and skill at developing alternative strategies for U.S. and
international markets.
Speaking on behalf of the Harris Board, Lewis Hay III, lead
independent director of the Board, said, “Bill brings to Harris a
unique combination of skills and experience that make him the ideal
person to lead our company. At UTC, which like Harris, develops and
manufactures high-technology products for commercial and government
markets, he established a strong track record of driving growth in
large, global businesses and building teams that thrive and grow
even in difficult competitive environments.
“Over his career, Bill Brown has demonstrated an exceptional
ability to expand into new markets and increase sales, while at the
same time controlling costs and enhancing margins. With his
strategic acumen, operating and commercial skills and large-scale
P&L management experience, the Board unanimously believes that
Bill will be an exceptional leader and the perfect person to grow
this company,” he added.
“I am excited to join Harris at such an important time in the
company’s history,” said Brown. “During the past decade Harris has
transitioned into a diversified provider of ultra-reliable
communications and information technologies to government agencies
and commercial markets worldwide. With its strong financial
position, robust pipeline of potential opportunities and
well-defined areas for new market entry, the company is ideally
positioned for further growth. I look forward to working with the
company’s talented management team to build on the success it has
achieved.”
Hay added, “Under Howard’s stewardship Harris has posted steady,
strong top- and bottom-line growth, which has increased over the
past seven years at a compound annualized rate of 14 and 22 percent
respectively. The Board is committed to leveraging Harris’ strong
financial position to drive superior shareholder returns, and to
that end, recently announced a $1 billion share repurchase program
and a quarterly dividend increase of 12 percent. We thank Howard
for all his contributions and look forward to working with Bill to
sustain growth, profitability and value creation.”
Lance commented, “Harris will be in excellent hands with Bill at
its helm. Harris is a great company, with an extremely talented
team and bright prospects. Bill’s expertise will be a tremendous
asset to the company. I look forward to working with him and the
rest of our team to ensure a seamless transition.” Lance will serve
as a senior advisor to the company through December 31, 2012.
Additional Information on Bill Brown
Prior to leading UTC’s Fire & Security Division, Brown held
a number of senior roles at UTC’s Carrier Corporation including
President of the Company’s Asia Pacific Operations where he
significantly grew sales, improved profits, and expanded margins
over two years. He also successfully led the turnaround of the
Carrier Transicold division. Before joining UTC in 1997, he worked
for McKinsey & Company as a Senior Engagement Manager. He began
his career at Air Products and Chemicals, Inc. where he worked as a
Project Engineer.
Brown received bachelor of science and master of science degrees
in mechanical engineering from Villanova University and a master of
business administration degree from the University of Pennsylvania
Wharton School.
A high resolution photo is available at: William H. Brown
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 growth and 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 and requirements (including potential deferral
of awards, terminations, reductions of expenditures, changes to
respond to the priorities of Congress and the Administration,
budgeting constraints, debt ceiling implications, and cost-cutting
initiatives); 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.
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