LHX - L3Harris Technologies will review business after deal with shareholder

2023-12-11 10:28:52 ET

L3Harris Technologies ( NYSE: LHX ) on Monday said its board will review its business and will adjust its incentive-compensation plans after reaching a deal with asset manager and shareholder D.E. Shaw.

The aerospace and defense company appointed Kirk Hachigian, the former chief executive of Jeld-Wen Holding, and former Raytheon chief Bill Swanson to its board. L3Harris ( LHX ) will appoint another director next year with advice from D.E. Shaw, according to an announcement.

The company said its board will form an ad hoc committee to review its operational performance, cost structure and portfolio composition and other ways to create value. L3Harris ( LHX ) expects the review to be completed next year.

Swanson and Roger Fradin, another director, will oversee the committee. Bill Brown, former CEO of L3Harris ( LHX ), will serve as a special adviser.

The company also will change its long-term incentive compensation plan to make relative total shareholder return a core metric for performance share units instead of a modifier.

Michael O'Mary, managing director of D. E. Shaw, said the firm is supportive of management's actions.

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