HUNTINGTON INGALLS INDUSTRIES, INC. - 8-K Summary
Business Context and Reporting Period
This Form 8-K Current Report was filed by Huntington Ingalls Industries, Inc. (HII) on January 27, 2022. The report discloses corporate governance changes regarding 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 appointments and does not contain financial performance data.
Material Changes
The primary material change reported is the election of Frank R. Jimenez as a member of the Board of Directors, effective immediately. Mr. Jimenez was also appointed to the Compensation Committee and the Governance and Policy Committee. His term will expire at the 2022 annual meeting of stockholders.
Outlook, Risks, and Management Commentary
Management commentary is limited to the background of the new director. Mr. Jimenez brings significant experience, having served as Special Advisor to the Chairman and CEO of Raytheon Technologies Corporation since December 2021. His prior roles include Executive Vice President and General Counsel at Raytheon Technologies, and various legal and executive positions at Raytheon Company, Bunge Limited, Xylem Inc., and ITT Corporation. He also has extensive public service experience, including serving as the 21st General Counsel of the Navy and Deputy General Counsel for the U.S. Department of Defense.
Regarding compensation, Mr. Jimenez will be entitled to receive compensation under the Company's non-employee director compensation program. The Company will also enter into a standard indemnification agreement with him.
Key Facts for Investor Verification
- New Director Election: Frank R. Jimenez was elected to the Board and appointed to the Compensation and Governance and Policy Committees on January 27, 2022.
- Term Duration: Mr. Jimenez's term expires at the 2022 annual meeting of stockholders.
- Compensation Structure: Compensation is governed by the existing non-employee director program detailed in the 2021 Definitive Proxy Statement.
- Relevant Background: Mr. Jimenez possesses significant legal and defense industry experience, including prior service as General Counsel of the Navy.
- Exhibit Reference: A press release dated February 1, 2022, is attached as Exhibit 99.1.