Mercury Systems, Inc. (NASDAQ: MRCY, www.mrcy.com), a technology
company that delivers mission-critical processing power to the
edge, today announced the appointment of Tod Brindlinger as Senior
Vice President of Operations, effective June 10, 2024. The company
also announced the completion of the second phase of an
organizational restructuring that began in January to improve
performance and accelerate growth by consolidating and simplifying
its operations.
Reporting to Chief Operating Officer Roger Wells,
Brindlinger is responsible for the company’s global manufacturing,
facilities, and supply chain. He has more than 30 years of
leadership experience in business development, operations,
engineering, supply chain, and quality roles, most recently serving
as Vice President of Global Operations, Quality, and Supply Chain
in L3Harris Technologies’ Commercial Aerospace Sector. Brindlinger
previously held executive positions at Paradigm Precision,
Ducommun, and United Technologies Corporation.
“I am exceptionally pleased for Tod Brindlinger to
join the Mercury Leadership Team, rounding out a series of
significant changes to further integrate and align our business,”
said Roger Wells. “His leadership will be instrumental in our
ongoing efforts to eliminate silos in our critical functions,
improve the quality and timeliness of the mission-critical products
and solutions we deliver to our customers, and drive operational
performance that will contribute meaningfully to our financial
results.”
In January, Mercury announced a strategic
reorganization of its business to streamline and simplify its
operations, consolidating two divisions into a single integrated
structure that unified all lines of business and matrixed business
functions under the Chief Operating Officer. As part of this
reorganization, the company realigned its U.S.-based businesses
into two product-oriented business units – Signal Technologies and
Processing Technologies – and a third business unit focused on more
comprehensive solutions – Integrated Processing Solutions; the
Engineering, Operations, and Mission Assurance functions were
centralized; and an Advanced Concepts group was stood up to focus
on driving innovation and strategic growth pursuits.
As the second phase of strategic reorganization
concludes, the company has identified cost reductions and other
efficiencies of approximately $15 million, a portion of which is
expected to be reinvested in the business with the remainder
supporting improved profitability and operating leverage for the
company’s 2025 fiscal year.
“As we have previously discussed, we are driving
integration across the business to align with our strategy,” said
Bill Ballhaus, Mercury’s Chairman and CEO. “This announcement
reflects further progress in our integration to unlock the
functional efficiencies and growth potential of the businesses that
we have acquired over time. As we enter fiscal year 2025 having
made significant progress against the transient challenges in the
business, our structure is now better optimized to innovate and
advance our processing platform, expand our content across A&D
platforms, and deliver uncompromising performance for all of our
stakeholders.”
Mercury Systems – Innovation that
matters®Mercury Systems is a technology company that
delivers mission-critical processing power to the edge, making
advanced technologies profoundly more accessible for today’s most
challenging aerospace and defense missions. The Mercury Processing
Platform allows customers to tap into innovative capabilities from
silicon to system scale, turning data into decisions on timelines
that matter. Mercury’s products and solutions are deployed in more
than 300 programs and across 35 countries, enabling a broad range
of applications in mission computing, sensor processing, command
and control, and communications. Mercury is headquartered in
Andover, Massachusetts, and has 24 locations worldwide. To learn
more, visit mrcy.com. (Nasdaq: MRCY)
Forward-Looking Safe Harbor
StatementThis press release contains certain
forward-looking statements, as that term is defined in the Private
Securities Litigation Reform Act of 1995, including those relating
to the Company's focus on enhanced execution of the Company's
strategic plan under a refreshed Board and leadership team. You can
identify these statements by the words “may,” “will,” “could,”
“should,” “would,” “plans,” “expects,” “anticipates,” “continue,”
“estimate,” “project,” “intend,” “likely,” “forecast,” “probable,”
“potential,” and similar expressions. These forward-looking
statements involve risks and uncertainties that could cause actual
results to differ materially from those projected or anticipated.
Such risks and uncertainties include, but are not limited to,
continued funding of defense programs, the timing and amounts of
such funding, general economic and business conditions, including
unforeseen weakness in the Company’s markets, effects of any U.S.
federal government shutdown or extended continuing resolution,
effects of geopolitical unrest and regional conflicts, competition,
changes in technology and methods of marketing, delays in or cost
increases related to completing development, engineering and
manufacturing programs, changes in customer order patterns, changes
in product mix, continued success in technological advances and
delivering technological innovations, changes in, or in the U.S.
government’s interpretation of, federal export control or
procurement rules and regulations, changes in, or in the
interpretation or enforcement of, environmental rules and
regulations, market acceptance of the Company's products, shortages
in or delays in receiving components, supply chain delays or
volatility for critical components such as semiconductors,
production delays or unanticipated expenses including due to
quality issues or manufacturing execution issues, capacity
underutilization, increases in scrap or inventory write-offs,
failure to achieve or maintain manufacturing quality
certifications, such as AS9100, the impact of supply chain
disruption, inflation and labor shortages, among other things, on
program execution and the resulting effect on customer
satisfaction, inability to fully realize the expected benefits from
acquisitions, restructurings, and operational efficiency
initiatives or delays in realizing such benefits, challenges in
integrating acquired businesses and achieving anticipated
synergies, effects of shareholder activism, increases in interest
rates, changes to industrial security and cyber-security
regulations and requirements and impacts from any cyber or insider
threat events, changes in tax rates or tax regulations, such as the
deductibility of internal research and development, changes to
interest rate swaps or other cash flow hedging arrangements,
changes to generally accepted accounting principles, difficulties
in retaining key employees and customers, litigation, including the
dispute arising with the former CEO over his resignation,
unanticipated costs under fixed-price service and system
integration engagements, and various other factors beyond our
control. These risks and uncertainties also include such additional
risk factors as are discussed in the Company's filings with the
U.S. Securities and Exchange Commission, including its Annual
Report on Form 10-K for the fiscal year ended June 30, 2023 and
subsequent Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K. The Company cautions readers not to place undue reliance
upon any such forward-looking statements, which speak only as of
the date made. The Company undertakes no obligation to update any
forward looking statement to reflect events or circumstances after
the date on which such statement is made.
INVESTOR CONTACTNelson
EricksonSenior Vice President, Strategy and Corporate
DevelopmentNelson.Erickson@mrcy.com
MEDIA CONTACTTurner BrintonSenior
Director, Corporate Communications Turner.Brinton@mrcy.com
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