L3Harris Technologies, Inc. announced that its Board of Directors has appointed Kirk S. Hachigian, former Chair and CEO of JELD-WEN Holding, Inc. and Cooper Industries plc., and William H. (?Bill?) Swanson, retired Chair and CEO of Raytheon Company, to its Board effective immediately. In addition, the Board intends to appoint an additional independent director in 2024. Consistent with the company?s commitment to shareholder value creation and supporting the work already well underway, the Board will establish an ad hoc Business Review Committee, which will undertake a review of L3Harris?

operational performance, cost structure, portfolio composition and all available value creation levers. The committee?s review is expected to be completed in 2024. Current director Roger Fradin and Bill Swanson will Co-Chair the committee, and the additional members of the committee will include Kirk Hachigian and current director Rita Lane.

L3Harris? Former Executive Chair and CEO William M. (?Bill?) Brown will serve as a Special Advisor to the committee. The company will also adjust its long-term incentive compensation plan, which currently uses relative total shareholder return as a modifier, to incorporate relative total shareholder return as a core metric for performance share units.

In connection with these announcements, the company has entered into a cooperation agreement with funds affiliated with the D. E. Shaw group, which is currently one of the company?s largest investors. Pursuant to the agreement, the D. E. Shaw group and the L3Harris Board will agree on the additional independent director to be added to the Board in 2024. The D. E. Shaw group has also agreed to customary voting and standstill provisions.