So within moments of taking over as CEO he decides "merger of equals" is way to go.
Do you think he even used up his stock of business cards?
Why would an individual who coveted this role so quickly choose to relinquish all the power? Secondly, once the merger occurs, and given his demonstrated lack of allegiance to a corporation, why ever would Harris allow him to become CEO of the merged entity? My thought is once this goes through, Chris here's your checks, thanks and have a nice day
Good thing is other places love to hire LLL workers..
Wow hadn't heard that. Did hear it suggested that Honeywell aerospace (the govt contract unit) was being considered as a buy.
Bottom line never should have spun NSS no inventory costs just people
Word was L3 was in trouble and was looking to sell itself to Boeing before CK took over as CEO. Since he had 0 chance of becoming CEO at Boeing, he opted to take this route. Unfortunately LLL could no longer stand on its own as management had made too many bad decisions. Winning a big competitive proposal was really the only way out and management put the bare minimum effort into winning (aside from telling the peons to work faster and firing anyone who would dare question the way they do things). When they did a serious study of what the problem was, they gave the CI team 1/4 of the time they usually need on a study only to find out nothing and improve on nothing.
They seriously just never got their priorities straight. They underpaid their engineers and were shocked when other defense companies started picking them off with higher pay and bonuses. Their plan, lure them back with ... what, cookies and empty promises? Don't pay the peons, we have a huge layer of VP's to pay bonuses to. Each will get their golden parachute once this merger goes through...low hanging fruit and all.
Then the Harris CEO will get to do his favorite thing, layoff people to improve the stock performance.
These things are all decided years before a merger is even announced. There are no surprises among the officers of the company, or the board of directors. Many things go into these large mergers and your head would spin with the details, speaking from someone who used to be closely tied to a COO of a Fortune 500 company.
That is all agreed in the M&A ancillary agreements. There are no surprises about who assumes what role in a merger/acquisition. It is all mapped out well in advance for people at the executive level or amyone designated critical to the corporate structure.