---
schema_version: "secwatch.filing_event.v1"
accession: "0001049521-23-000029"
form_type: "8-K"
ticker: "MRCY"
cik: "0001049521"
company_name: "MERCURY SYSTEMS INC"
filed_at: "2023-08-15T23:59:59+00:00"
generated_at: "2026-06-11T09:08:36.083314+00:00"
event_type: "leadership"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Mercury Systems appoints Bill Ballhaus permanent CEO; Q4 net loss $8.2M, cuts 150 jobs

## Summary
- Bill Ballhaus appointed President and CEO effective Aug 15, 2023; previously interim CEO since June 24.
- Workforce reduction of ~150 positions approved Aug 9, 2023, with expected restructuring charges of ~$9M and annual net savings of ~$24M.
- Q4 FY2023 revenue $253.2M (down 13% YoY), GAAP net loss $8.2M ($0.15 loss per share), adjusted EPS $0.11.
- Full year FY2023 revenue $973.9M (down 1.4% YoY), GAAP net loss $28.3M ($0.50 loss per share), adjusted EBITDA $132.3M.
- Cost savings plan targets FY2024 net savings of $20-22M and $24M annualized; challenged programs impacted EBITDA by ~$56M in FY2023.

## SEC filing metadata
- accession: 0001049521-23-000029
- form_type: 8-K
- ticker: MRCY
- cik: 0001049521
- company_name: MERCURY SYSTEMS INC
- filed_at: 2023-08-15T23:59:59+00:00
- event_type: leadership
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 2.05, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1049521/000104952123000029/0001049521-23-000029-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1049521/000104952123000029/mrcy-20230815.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001049521-23-000029
- JSON: https://secwatch.observer/filing/0001049521-23-000029.json
- Plain text: https://secwatch.observer/filing/0001049521-23-000029.txt

## Key facts
- Earnings Releases
  MERCURY SYSTEMS INC reported financial results for the fiscal year ended June 30, 2023.
  - Period: the fiscal year ended June 30, 2023
  - Result: reported results
  source text: On August 15, 2023, Mercury Systems, Inc. (the “Company”) issued a press release and an earnings presentation regarding its financial results for the fourth quarter and fiscal year ended June 30, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1049521/000104952123000029/0001049521-23-000029-index.htm
- Earnings Releases
  MERCURY SYSTEMS INC reported financial results for the fourth quarter ended June 30, 2023.
  - Period: the fourth quarter ended June 30, 2023
  - Result: reported results
  source text: On August 15, 2023, Mercury Systems, Inc. (the “Company”) issued a press release and an earnings presentation regarding its financial results for the fourth quarter and fiscal year ended June 30, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1049521/000104952123000029/0001049521-23-000029-index.htm
- Executive change
  William L. Ballhaus was appointed as President and Chief Executive Officer at MERCURY SYSTEMS INC.
  - Action: appointed
  - Role: President and Chief Executive Officer
  source text: On August 15, 2023, the Company announced that William L. Ballhaus has been appointed as the Company’s President and Chief Executive Officer.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1049521/000104952123000029/0001049521-23-000029-index.htm
- Executive change
  William L. Ballhaus was appointed as Chairman of the Board at MERCURY SYSTEMS INC.
  - Action: appointed
  - Role: Chairman of the Board
  source text: Mr. Ballhaus will become the Company’s Chairman of the Board effective with the 2023 annual meeting of shareholders.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1049521/000104952123000029/0001049521-23-000029-index.htm
- Restructurings & Charges
  MERCURY SYSTEMS INC announced a restructuring with charges of approximately $9 million (eliminates approximately 150 positions).
  - Type: restructuring
  - Charge: approximately $9 million
  - Headcount: eliminates approximately 150 positions
  source text: On July 20, 2023, we announced the plan to embed the 1MPACT value creation initiatives into operations, and on August 9, 2023, we approved and initiated a workforce reduction that, together with the 1MPACT related action, eliminates approximately 150 positions, resulting in expected restructuring charges of approximately $9 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1049521/000104952123000029/0001049521-23-000029-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.