Mercury Systems, Inc. (the “Company” or “Mercury”) (NASDAQ: MRCY,
www.mrcy.com), a technology company that delivers processing power
for the most demanding aerospace and defense missions, today
announced that its Board of Directors has appointed Bill Ballhaus
as President and Chief Executive Officer, effective immediately.
Mr. Ballhaus had been serving as Mercury’s interim President and
Chief Executive Officer since June 24, 2023.
“Bill took on the role of Mercury’s Interim President and CEO
with a mandate from the Board to take immediate action to address
the Company’s operational and financial challenges and help drive
enhanced shareholder value,” said William K. O’Brien, Chairman of
the Board. “During the past 45 days, under Bill’s leadership, the
management team has performed a deep dive of the Mercury business
and charted a clear and compelling path forward. After conducting a
review of potential candidates with the assistance of an executive
search firm, and given Bill’s previous successes in leading
operational transformations and achieving strong results, the Board
is confident that he has the right skills and experience to
accelerate the execution of Mercury’s strategic plan and solidify
the Company’s position in the rapidly modernizing aerospace and
defense industry.”
“I am honored and excited to take on the President and CEO roles
on a permanent basis,” said Bill Ballhaus. “Working closely with
our leadership team, we are moving aggressively to enhance
execution to drive predictability of performance, rearchitect our
organic growth engine, improve profitability, and drive greater
cash generation. With a unique position at the intersection of tech
and defense, and a core business that is well-positioned to benefit
from industry tailwinds, we are confident we have the right team,
strategy, and assets in place to capitalize on the opportunity in
front of us.”
As previously announced, Mr. Ballhaus will also assume the role
of Chairman of the Board, effective immediately prior to the 2023
Annual Meeting of Shareholders. Barry R. Nearhos, who has served on
the Board since 2018, has been appointed by the Board to serve as
Lead Independent Director following the previously announced
retirement of Mr. O’Brien immediately prior to the Annual
Meeting.
About Bill Ballhaus
Mr. Ballhaus has significant experience in the aerospace,
defense and technology industries, including multiple CEO roles. He
previously served as Chairman and CEO of Blackboard, Inc., a
leading EdTech company, from 2016 until its merger with Anthology
in 2021. Prior to that, he served as CEO and President of SRA
International, Inc., a provider of information technology services,
from 2011 until the creation of CSRA Inc. from SRA and CSC’s U.S.
public sector business. Before that, he served as CEO and President
of government contractor DynCorp International from 2008 to 2010.
Mr. Ballhaus has also held senior leadership positions at BAE
Systems, Boeing and Hughes, where he led global government and
commercial technology businesses particularly focused on software
and IT.
Mr. Ballhaus holds a Bachelor’s degree in Mechanical Engineering
from the University of California, Davis and Master’s and Doctorate
degrees in Aeronautics and Astronautics from Stanford University.
He also earned a Master’s degree in Business Administration from
the Anderson Graduate School of Management at UCLA.
Mercury Systems – Innovation that
Matters® by and for People Who
Matter
Mercury 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 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,
failure to achieve or maintain manufacturing quality
certifications, such as AS9100, the impact of the COVID 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 execution
excellence 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,
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, including any 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 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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