Harris Plans for CEO Howard L. Lance’s Departure

Howard L. Lance, Harris

Harris Corporation (NYSE: HRS) announced yesterday it is adopting a CEO succession plan after Chairman, CEO and President Howard L. Lance announced he wants to retire in June 2012.

Lance has agreed to stay in his current positions until his successor as CEO is found. The company said it has hired an executive search firm to help in the process of contacting and evaluating external and internal candidates.

Under Lance’s direction, Harris has posted steady and strong top-line and bottom-line growth, with eight-year CAGRs of 16 and 24 percent respectively, and he has led the transformation of the firm into the leading international technology company it is today, said Lewis Hay III, lead independent director of the Harris board of directors.

“While we would be pleased if he would continue as CEO well into the future, the board respects his desire to achieve other personal goals and, with Howard’s encouragement, decided that it made sense to immediately proceed with implementation of a succession plan,” Hay said. “We are delighted that Howard is equally committed to assuring the success of this effort and is willing to remain through a smooth transition to new leadership.”

Lance spoke of the firm’s accomplishments over the past years, and how it is well positioned across its diversified served markets with strong customer relationships, leading technologies and deep management talent.

“Our guidance for fiscal 2012, along with the potential for double digit earnings growth identified through fiscal 2014, creates excellent momentum going forward,” he said. “With Harris on such strong footing, I believe that this is the right time for me to move on to the next chapter of my life.  I am confident the board will select a world-class leader to continue to grow the company and build on the strong base we have in place today. I remain fully committed to ensuring that we don’t miss a beat during the succession process.”

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