Seasoned defense executive Ken Bedingfield has been named the new chief financial officer (CFO) at L3Harris Technologies [LHX] effective December 11, taking on the same role he held for five years at Northrop Grumman [NOC] before joining defense technology startup Epirus in 2020.
Bedingfield, 51, will succeed Michelle Turner, who joined L3Harris in 2022 after serving as CFO of Johnson & Johnson [JNJ] for enterprise supply chain.
L3Harris said that “Turner’s departure was not prompted by any disagreement with the company’s financial reporting or accounting practices, procedures or decisions.” L3Harris still plans to host an investor day on December 12 to update its strategy and outlook.
Bedingfield joined Epirus in June 2022, first as CFO and chief operating officer (COO), and since last December as CEO. The venture-backed company developed much of its technology through private funding although it has benefited from defense contracts as it scaled to begin producing its directed energy technology.
Epirus has been developing a high-powered microwave (HPM) system to defeat small drones at pennies per shot. The small company recently began delivering prototypes of its short-range air defense Indirect Fire Protection Capability (IFPC)-HPM system under a $66 million contract with the Army. The company is hoping that the Defense Department will decide later this year on fielding the IFPC-HPM system and that it will also enter production.
Jefferies & Co. aerospace and defense analyst Sheila Kahyaoglu said Bedingfield’s experience with Northrop Grumman and Epirus is a good fit for L3Harris, which bills itself as an agile, disruptive prime contractor.
“We like the transition as it provides a trusted partner with big defense company CFO (NOC] experience who is well versed in disruptive technology and communications with the Street,” she wrote in a client note.
Christopher Kubasik, chairman and CEO of L3Harris, said in a statement that “Ken’s balance of defense industry knowledge and agile decision-making will be instrumental given L3Harris’ position as a national security focused company.”
Before becoming CFO at Northrop Grumman in February 2015, Bedingfield spent five years with the company as corporate controller and chief accounting officer, and then as CFO of the aerospace sector. During his time at Northrop Grumman, the company won the Air Force’s B-21 stealth bomber contract, and acquired the former Orbital ATK, which like L3Harris’ new Aerojet business, develops and produces rocket motors.
Prior to joining Northrop Grumman, he was with the auditing firm KPMG for 17 years, the last two in charge of the Aerospace and Defense Audit practice.
Andy Lowery has been appointed CEO of Epirus. He joined the company in 2021 as chief product officer and then became COO and general manager, commercial. Mick Jaggers, senior vice president and general manager, defense, will assume the COO role at Epirus.
Prior to joining Epirus, Lowery founded and was the CEO of RealWear, Inc., which makes head-up display wearable systems for industrial applications, and was the business area chief engineering for electronic warfare systems at RTX [RTX].