L3 Announces Leadership Changes and Realignment of Electronic Systems Segment
January 25 2017 - 9:00AM
Business Wire
Curtis Brunson and Steve Kantor to Retire
Electronic Systems Segment to Be Separated Into
Two Business Segments
L3 Technologies (NYSE:LLL) announced today that Curtis Brunson,
Executive Vice President of Corporate Strategy and Development, and
Steve Kantor, Senior Vice President and President of its Electronic
Systems business segment, will be transitioning from their roles
effective March 1, before retiring in the second quarter of
2017.
Mr. Brunson’s responsibilities will be assumed by David M. Van
Buren, as corporate Senior Vice President of Program Development,
and Heidi Wood, as corporate Senior Vice President of Strategy. Mr.
Van Buren joined L3 in 2012, following more than 30 years of
government and industry experience, and will report to Michael T.
Strianese, L3’s Chairman and Chief Executive Officer. Ms. Wood
joined L3 in 2016, following 20 years in the aerospace and defense
industry and as a managing director for leading Wall Street banks,
and will report to Christopher E. Kubasik, L3’s President and Chief
Operating Officer.
As a part of the leadership transition, the company will realign
Electronic Systems into two business segments. Todd W. Gautier,
currently President of L3’s Precision Engagement & Training
sector, will become corporate Senior Vice President and President
of the reorganized Electronic Systems segment. With more than 30
years of defense and industry experience, Mr. Gautier joined L3 in
2001 and was responsible for business development and strategy
within Electronic Systems before being named a sector president in
2010. Prior to L3, Mr. Gautier served in the U.S. Navy for 15 years
as a strike/fighter pilot before becoming a commercial airline
pilot for a major U.S. carrier. The Electronic Systems segment will
include the Precision Engagement & Training, Aviation Products,
and Security & Detection Systems sectors, as well as the Power
& Propulsion Systems sector, excluding the Ocean Systems
business, and will have 2016 estimated sales of $2.8 billion.
Jeff Miller, currently President of L3’s Integrated Sensor
Systems sector, will become corporate Senior Vice President and
President of the Sensor Systems segment. An executive with 30 years
of defense industry experience on a wide range of programs,
including fire control systems, soldier systems, force protection
systems, and electronic warfare, Mr. Miller joined L3 in 2014 from
Raytheon Missile Systems. This newly formed segment will include
the Integrated Sensor Systems and Warrior Systems sectors, as well
as L3’s Ocean Systems and Advanced Programs businesses, and will
have 2016 estimated sales of $1.5 billion. Both Messrs. Gautier and
Miller will report to Christopher E. Kubasik.
“As we continue to successfully execute on our strategic growth
plan, we believe it’s the right time to separate Electronic Systems
into two segments to better pursue global market opportunities,”
said Michael T. Strianese. “This realignment is also expected to
accelerate our organic growth and efficiency initiatives, and
maximize our innovation, while increasing the value that we can
provide to our customers and shareholders.”
Mr. Strianese continued, “On behalf of L3’s Board and leadership
team, I thank both Curtis and Steve for their many significant
contributions to the company. Each executed important strategies
that were instrumental to our success over the last decade. Also, I
congratulate Todd, Jeff, Dave and Heidi on their new roles and look
forward to working closely with them as we embark on this next
stage of L3’s strategy.”
The realignment is not expected to have any impact on the
company’s consolidated 2017 financial guidance. Commencing in the
first quarter of 2017, the company will report its results under
the realigned business segments.
Headquartered in New York City, L3 Technologies employs
approximately 38,000 people worldwide and is a leading provider of
a broad range of communication and electronic systems and products
used on military, homeland security and commercial platforms. L3 is
also a prime contractor in aerospace systems, security and
detection systems, and pilot training. The company reported 2015
sales of $10.5 billion.
To learn more about L3, please visit the company’s website at
www.L3T.com. L3 uses its website as a channel of distribution of
material company information. Financial and other material
information regarding L3 is routinely posted on the company’s
website and is readily accessible.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995Except for historical information contained
herein, the matters set forth in this news release are
forward-looking statements. Statements that are predictive in
nature, that depend upon or refer to events or conditions or that
include words such as “expects,” “anticipates,” “intends,” “plans,”
“believes,” “estimates,” “will,” “could” and similar expressions
are forward-looking statements. The forward-looking statements set
forth above involve a number of risks and uncertainties that could
cause actual results to differ materially from any such statement,
including the risks and uncertainties discussed in the company’s
Safe Harbor Compliance Statement for Forward-Looking Statements
included in the company’s recent filings, including Forms 10-K and
10-Q, with the Securities and Exchange Commission. The
forward-looking statements speak only as of the date made, and the
company undertakes no obligation to update these forward-looking
statements.
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