Business Context and Reporting Period
This Form 8-K filing by KBR, INC. was submitted on March 5, 2019, reporting a corporate governance event. The filing addresses the departure of a director from the Board of Directors.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
The material change reported is the confirmed retirement of Loren K. Carroll from the KBR Board of Directors, effective May 15, 2019. Mr. Carroll, who served for 12 years since KBR became a stand-alone company in 2007, is retiring in accordance with the Board's policy requiring non-executive directors to retire following their 75th birthday. Upon his departure, General Lester L. Lyles, USAF (Ret.), will assume the role of non-executive Chairman of the Board.
Guidance, Outlook, and Management Commentary
Stuart Bradie commented that Mr. Carroll's governance over the past 12 years was integral to KBR's development, transformation, and achievements. The company expressed gratitude for his service. No financial guidance, outlook, risks, or contingencies were disclosed in this specific filing.
Key Facts for Investor Verification
- Loren K. Carroll will retire from the Board on May 15, 2019.
- General Lester L. Lyles will succeed Mr. Carroll as non-executive Chairman.
- Mr. Carroll served on every Board committee and previously held the roles of Lead Director and Chairman of the Compensation and Nominating and Corporate Governance Committees.
- The retirement is triggered by the Board's policy regarding directors reaching age 75.