L3Harris Reworks Board in Deal With Activist Investor D.E. Shaw

Defense contractor L3Harris Technologies Inc. appointed a pair of new directors and agreed to name a third next year as part of a deal with activist shareholder D.E. Shaw.

The Melbourne, Florida-based company, which provides communications systems for the defense industry, also said the board would form a business review committee focused on operational performance, costs and the composition of its portfolio. L3Harris will adjust its long-term incentive compensation plan as well.

The new directors include William Swanson, a former leader of Raytheon, and Kirk Hachigian, ex-CEO of window maker JELD-WEN Holding Inc., according to a statement ...