MERCURY SYSTEMS INC (MRCY): restructuring charge — Mercury Systems cuts ~100 jobs, expects $10-12M restructuring charge; names Roger Wells COO

MERCURY SYSTEMS INC

Workforce reduction of ~100 positions with expected restructuring charges of $10-12M in fiscal Q3 ending March 29, 2024.
Consolidates Mission Systems and Microelectronics divisions into one unified structure to simplify organization.
Appoints Charles R. Wells IV as EVP, COO effective Jan 22, 2024; base salary $450K, bonus target 110%, LTIP target $1.4M plus $500K promotion awards.
Christine Harbison (Chief Growth Officer) and Allen Couture (EVP Execution Excellence) departing after transition period.

item 2.05 item 5.02 item 7.01 item 9.01

Executive movements

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Appointed

Charles R. Wells, IV

Executive Vice President, Chief Operating Officer

MRCY · MERCURY SYSTEMS INC

Effective: 2024-01-22
Filed: January 17, 2024, 6:59 PM ET

we have named Charles R. Wells, IV as Executive Vice President, Chief Operating Officer, effective January 22, 2024

Departed

Christine F. Harbison

Executive Vice President, Chief Growth Officer

MRCY · MERCURY SYSTEMS INC

Filed: January 17, 2024, 6:59 PM ET

On January 12, 2024, we notified Christine F. Harbison, our Executive Vice President, Chief Growth Officer, and a named executive officer, that she will depart the Company after a short transition period.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Charles R. Wells, IV was appointed as Executive Vice President, Chief Operating Officer at MERCURY SYSTEMS INC.

Action: appointed
Role: Executive Vice President, Chief Operating Officer

Exact text from the filing

we have named Charles R. Wells, IV as Executive Vice President, Chief Operating Officer, effective January 22, 2024

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Christine F. Harbison departed as Executive Vice President, Chief Growth Officer at MERCURY SYSTEMS INC.

Action: depart
Role: Executive Vice President, Chief Growth Officer

Exact text from the filing

On January 12, 2024, we notified Christine F. Harbison, our Executive Vice President, Chief Growth Officer, and a named executive officer, that she will depart the Company after a short transition period.

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

MERCURY SYSTEMS INC announced a restructuring with charges of approximately $10 - 12 million affecting Mission Systems and Microelectronics divisions (approximately 100 positions).

Type: restructuring
Charge: approximately $10 - 12 million
Affected area: Mission Systems and Microelectronics divisions
Headcount: approximately 100 positions

Exact text from the filing

On January 12, 2024, we approved and initiated a workforce reduction that will eliminate approximately 100 positions, resulting in expected restructuring charges of approximately $10 - 12 million.

View on SEC.gov

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MERCURY SYSTEMS INC filing history →

Source: SEC EDGAR

accession 0001049521-24-000003

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