UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): February 7, 2024
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Chief Accounting Officer
On February 8, 2024, Mercury Systems, Inc. (the “Company”) announced that Douglas Munro has been appointed as the Company’s Vice President and Chief Accounting Officer effective as of February 12, 2024. Reporting to David E. Farnsworth, the Company’s Executive Vice President and Chief Financial Officer, Mr. Munro will be responsible for the Company’s accounting operations and financial reporting.
Mr. Munro, age 37, joined the Company in 2012 and most recently served as the Company’s Corporate Controller from 2022 to date. Prior to that he served as the Company’s Assistant Corporate Controller from 2019 to 2022, and from 2012 to 2019 he held roles of increasing leadership in the Company’s accounting function. Prior to joining the Company, Mr. Munro held various positions in public accounting at regional accounting firms. He has an MBA from University of Massachusetts Lowell and a B.S. in Accounting from Merrimack College and holds his CPA license in Massachusetts.
In connection with his promotion, Mr. Munro received a restricted stock award with an aggregate value of $100,000 in the form of shares of the Company’s common stock under the Company’s 2018 Stock Incentive Plan. The number of shares covered by such award will be determined by dividing the dollar amount of the award by the average closing price of the Company’s common stock during the 30 calendar days prior to February 15, 2024, the grant date. Such award shall vest in equal installments on each of the first four anniversaries of the grant date.
There are no family relationships between Mr. Munro and any director or executive officer of the Company, and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
On February 7, 2024, Michelle M. McCarthy, the Company’s Senior Vice President and Chief Accounting Officer informed the Company that she has accepted another role outside the Company. Her decision was not the result of any disagreement relating to the Company’s operations, policies, or practices.
Item 7.01 Regulation FD Disclosure.
On February 8, 2024, the Company issued a press release announcing that Douglas Munro had been appointed to the position of Vice President and Chief Accounting Officer. The press release is furnished as Exhibit 99.1 hereto. The information provided in Item 7.01 of this Current Report on Form 8-K and the attached Exhibit 99.1 shall not be deemed ‘filed’ for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Dated: February 8, 2024 | MERCURY SYSTEMS, INC. | |||||||||||||||||||
| By: | /s/ David E. Farnsworth | |||||||||||||||||||
| David E. Farnsworth | ||||||||||||||||||||
| Executive Vice President, Chief Financial Officer | ||||||||||||||||||||
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Press Release Mercury Announces Appointment of Douglas Munro as Vice President and Chief Accounting Officer ANDOVER, Mass. – Feb. 8, 2024 – Mercury Systems, Inc. (NASDAQ: MRCY, www.mrcy.com), a technology company that delivers mission-critical processing power to the edge, today announced the appointment of Douglas Munro as Vice President and Chief Accounting Officer, effective February 12, 2024. Reporting to Chief Financial Officer Dave Farnsworth, Mr. Munro will be responsible for the Company's accounting operations and financial reporting. Mr. Munro joined Mercury in 2012 and has held several accounting leadership roles, most recently serving as the Company’s Corporate Controller. Previously, Mr. Munro held various positions in public accounting at regional accounting firms. He has an MBA from University of Massachusetts Lowell and a B.S. in Accounting from Merrimack College and holds his CPA license in Massachusetts. “We are very pleased for Doug to step into this important leadership position in our Finance organization,” said Mr. Farnsworth. “His wealth of knowledge about our business and financial operations will serve us well going forward.” Mr. Munro succeeds Michelle McCarthy, who has accepted another role outside the Company. “We are grateful for Michelle’s outstanding contributions to the company, from which we will benefit for years to come,” said Mr. Farnsworth. Mercury Systems – Innovation that matters® Mercury Systems is a technology company that delivers mission-critical processing power to the edge, making advanced technologies profoundly more accessible for today’s most challenging aerospace and defense missions. The Mercury Processing Platform allows customers to tap into innovative capabilities from silicon to system scale, turning data into decisions on timelines that matter. Mercury’s products and solutions are deployed in more than 300 programs and across 35 countries, enabling a broad range of applications in mission computing, sensor processing, command and control, and communications. Mercury is headquartered in Andover, Massachusetts, and has 24 locations worldwide. To learn more, visit mrcy.com. (Nasdaq: MRCY) Forward-Looking Safe Harbor Statement This press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to the Company's focus on enhanced execution of the Company's strategic plan under a refreshed Board and leadership team. You can
identify these statements by the words “may,” “will,” “could,” “should,” “would,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” “likely,” “forecast,” “probable,” “potential,” and similar expressions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to, continued funding of defense programs, the timing and amounts of such funding, general economic and business conditions, including unforeseen weakness in the Company’s markets, effects of any U.S. federal government shutdown or extended continuing resolution, effects of geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in or cost increases related to completing development, engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, changes in, or in the U.S. government’s interpretation of, federal export control or procurement rules and regulations, changes in, or in the interpretation or enforcement of, environmental rules and regulations, market acceptance of the Company's products, shortages in or delays in receiving components, supply chain delays or volatility for critical components such as semiconductors, production delays or unanticipated expenses including due to quality issues or manufacturing execution issues, capacity underutilization, increases in scrap or inventory write-offs, failure to achieve or maintain manufacturing quality certifications, such as AS9100, the impact of supply chain disruption, inflation and labor shortages, among other things, on program execution and the resulting effect on customer satisfaction, inability to fully realize the expected benefits from acquisitions, restructurings, and operational efficiency initiatives or delays in realizing such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, effects of shareholder activism, increases in interest rates, changes to industrial security and cyber-security regulations and requirements and impacts from any cyber or insider threat events, changes in tax rates or tax regulations, such as the deductibility of internal research and development, changes to interest rate swaps or other cash flow hedging arrangements, changes to generally accepted accounting principles, difficulties in retaining key employees and customers, litigation, including the dispute arising with the former CEO over his resignation, unanticipated costs under fixed-price service and system integration engagements, and various other factors beyond our control. These risks and uncertainties also include such additional risk factors as are discussed in the Company's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2023 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward looking statement to reflect events or circumstances after the date on which such statement is made. INVESTOR CONTACT Nelson Erickson Senior Vice President, Strategy and Corporate Development Nelson.Erickson@mrcy.com MEDIA CONTACT Turner Brinton Sr. Director, Corporate Communications Turner.Brinton@mrcy.com