Business Context and Reporting Period
This Form 8-K Current Report was filed by Leidos Holdings, Inc. on January 17, 2024. The filing addresses significant personnel changes within the company's executive leadership, specifically concerning the General Counsel and Corporate Secretary roles.
Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation arrangements and appointments.
Material Changes
- Departure of Jerald S. Howe, Jr.: Mr. Howe will step down as General Counsel and Corporate Secretary effective April 1, 2024.
- Transition Plan: Mr. Howe will transition to a full-time advisory role through July 31, 2024, followed by a limited consulting capacity through March 15, 2025.
- Appointment of Daniel J. Antal: The Board appointed Mr. Antal as the new General Counsel and Corporate Secretary, effective April 1, 2024.
Management Commentary and Compensation Details
Under the new Consulting Employee Agreement, Mr. Howe will receive compensation of $1,200 per hour for consulting services, with a cap of 1,860 hours in any 12-month period. The agreement also includes continued eligibility for medical insurance and participation in the Leidos Retirement Plan. Mr. Antal brings extensive experience from Rolls-Royce Defense and North America and previously served within Leidos for over seven years.
Key Facts for Investor Verification
- Verify the effective date of the leadership transition (April 1, 2024).
- Review the total potential consulting compensation for the departing executive based on the hourly rate and hour cap.
- Confirm the background and prior tenure of the incoming General Counsel, Daniel J. Antal.
- Note that this filing does not impact the company's reported financial results for the period.