Mercury Systems to make leadership changes as it concludes strategic review

Mercury Systems

23/06/2023 22:23

June 23 (Reuters) - Mercury Systems  MRCY.O  on Friday
said that it concluded its review of strategic alternatives and
announced a series of changes at its leadership team.
    Shares of the company were down about 10% in after-market
trade.
    "The proposals ultimately received did not yield options for
a sale that would reflect the intrinsic value of the company,"
Mercury said.
    However, Mercury, which makes military displays and servers,
said it remains "open to opportunities". 
    The company named Bill Ballhaus, a former Boeing Co  BA.N 
executive, as its interim chief executive and president.
    Ballhaus succeeds Mark Aslett, whose resignation is
effective June 24.
    The company also added that it identified a candidate to
serve as its chief financial officer and expects to announce the
appointment in the coming week.
    Mercury earlier this year announced the exit of finance
chief Michael Ruppert and said the defense technology firm had
initiated a review of strategic alternatives.

 (Reporting by Nathan Gomes in Bengaluru; Editing by Maju
Samuel)
 ((Nathan.Gomes@thomsonreuters.com;))