Mercury Systems, Inc. (NASDAQ: MRCY, www.mrcy.com), a technology
company that delivers processing power for the most demanding
aerospace and defense missions, today announced the continuation of
its previously announced Board of Directors and leadership
refreshment process, with the appointments of:
- David Farnsworth as Chief Financial Officer, effective July 17,
2023. Mr. Farnsworth brings decades of experience as a financial
expert within the technology defense industry. He was previously
the CFO of HawkEye 360, and prior to that, Vice President and CFO
of Raytheon’s Integrated Defense Systems business and its
Intelligence, Information and Services segment.
- Roger Krone, former Chairman and Chief Executive Officer of
Leidos, as an independent director, effective June 28, 2023. He
will also serve as a member of the Board’s Nominating and
Governance Committee. Mr. Krone is an experienced public company
director, currently serving on the Board of Lear Corporation and
previously serving on the Boards of BorgWarner and United Launch
Alliance.
William K. O’Brien, Chairman of the Board, said,
“Roger’s appointment, coupled with the recent addition of Jerry
DeMuro, brings immense industry expertise and proven track records
of strategic oversight and growth to our boardroom. As the Board
continues to oversee the refinement and implementation of the
Company’s strategy, Jerry and Roger’s respective experience will be
invaluable to our efforts.”
Bill Ballhaus, Interim President and Chief
Executive Officer, said, “David is a standout leader with deep
program knowledge and insight, and a successful track record that
demonstrates his ability to deliver results while leading
sophisticated financial operations. We are excited for him to bring
his passion for the customer to Mercury as we enhance our focus on
operational excellence and execution of our strategy. The Board,
leadership team and I are greatly appreciative of the support
provided by Michelle McCarthy in recent months as she seamlessly
stepped into the role of Interim CFO, and we look forward to
continuing to work closely with her.”
Mr. Farnsworth said, “Mercury is embarking on an
important and exciting next chapter, and I am pleased to join the
team. The Company has a unique position in the market, and I am
ready to get to work alongside Bill and the leadership team to
advance the efforts already underway to get closer to our customers
and deliver value for all stakeholders.”
As previously announced, Michelle McCarthy, who has
served as Interim CFO since January 2023, will remain in her role
as Senior Vice President and Chief Accounting Officer.
About David Farnsworth
Mr. Farnsworth most recently served as Chief
Financial Officer of HawkEye 360, a radio frequency data analytics
company operating a first-of-its-kind commercial satellite
constellation. He previously held several roles within Raytheon,
including as Vice President and CFO of its Integrated Defense
Systems business, CFO of its Intelligence, Information and Services
segment, CFO of its Technical Services business and at Raytheon
Corporate headquarters, where he worked directly with the CEO and
COO to spearhead strategic initiatives.
Mr. Farnsworth currently serves on the Board of
Directors of Merrimack Valley Credit Union, a state-chartered
community credit union, and on the Board of USA Diving, the
national governing body for the sport of diving. He previously
served on the Board of Thales-Raytheon Systems Company, an
aerospace and defense company.
Mr. Farnsworth holds a bachelor’s degree from the
Wharton School at the University of Pennsylvania and a master’s
degree in business administration from Boston University.
About Roger Krone
Mr. Krone previously served as the Chairman and CEO
at Leidos, a leading Fortune 500 science and technology company
focused on the software, hardware, and complex integrated system
solutions of large- and small-scale defense, civil and health
applications, from 2014 until his retirement earlier in 2023. Mr.
Krone spent over 15 years at Boeing, where he served in several
leadership positions, including President of its Network &
Space Systems business, and was previously a Vice President at
McDonnell Douglas Corporation, which was later acquired by Boeing.
Mr. Krone began his career at General Dynamics Corporation.
Mr. Krone currently serves on the Board of
Directors of Lear Corporation. He previously served on the Board of
Directors of BorgWarner and United Launch Alliance. Mr. Krone holds
a Bachelor of Science in aerospace engineering from the Georgia
Institute of Technology, a Master of Science in aerospace
engineering from the University of Texas at Arlington and a
Master’s in Business Administration from the Harvard School of
Business.
Mercury Systems – Innovation that Matters®
by and for People Who MatterMercury Systems is a
technology company that pushes processing power to the tactical
edge, making the latest commercial technologies profoundly more
accessible for today’s most challenging aerospace and defense
missions. From silicon to system scale, Mercury enables customers
to accelerate innovation and turn data into decision superiority.
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 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 continued geopolitical unrest and
regional conflicts, competition, inflation, changes in technology
and methods of marketing, delays in completing 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
performance quality issues or manufacturing execution issues, the
impact of the COVID-19 pandemic and 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 value creation initiatives such as 1MPACT, 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, which difficulties may be impacted by the termination of
the Company’s announced strategic review initiative, unanticipated
challenges with the transition of the Company’s Chief Executive
Officer and Chief Financial Officer roles, 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 July 1, 2022 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 CONTACT
Nelson EricksonSenior Vice President, Strategy and
Corporate DevelopmentNelson.Erickson@mrcy.com
MEDIA CONTACT
Turner BrintonSenior Director of Corporate
CommunicationsTurner.Brinton@mrcy.com
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