HII’s Mission Technologies Division Announces New Operating Model for Long-Term Business Growth
Rhea-AI Summary
HII's Mission Technologies division announced a reorganization from six to four operational groups, effective October 28, 2024. The new structure includes: All-Domain Operations (led by Todd Gentry), Global Security (led by Michael Lempke), Warfare Systems (led by Grant Hagen), and Uncrewed Systems (led by Duane Fotheringham). The division reported strong financial performance with $2.7 billion in revenues for 2023, showing 13% organic growth, and $1.5 billion in revenue for H1 2024, representing a 19% organic growth increase year-over-year.
Positive
- Revenue growth of 13% in 2023, reaching $2.7 billion
- Strong H1 2024 performance with $1.5 billion revenue, up 19% YoY
- Organizational restructuring aimed at optimizing operations and growth
Negative
- None.
News Market Reaction
On the day this news was published, HII declined 0.34%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
MCLEAN, Va., Oct. 25, 2024 (GLOBE NEWSWIRE) -- HII (NYSE: HII) announced that its Mission Technologies division will consolidate its six operational groups into four. The changes are designed to optimize the division for continued long-term growth.
Effective Monday, Oct. 28, the division will reorganize into the following groups:
- All-Domain Operations, led by Todd Gentry, comprises C5ISR operations; platforms and logistics support; and intelligence analysis.
- Global Security, led by Michael Lempke, comprises live, virtual, constructive (LVC) solutions; fleet sustainment; nuclear and environmental services; and Australia business.
- Warfare Systems, led by Grant Hagen, comprises cyber and mission IT; electronic warfare; and C5ISR systems.
- Uncrewed Systems, led by Duane Fotheringham, comprises unmanned underwater vehicles (UUVs), unmanned surface vehicles (USVs) and autonomy software.
Mission Technologies also will align the four groups to a common operating model with specialized roles: operations leader, growth leader, portfolio leader(s) and quality leader.
“I’m confident these changes will make us even more competitive, improve the quality of our services for our customers, and ensure the long-term health of our business,” said Andy Green, executive vice president of HII and president of Mission Technologies.
Mission Technologies reported
“Our growth is unprecedented within HII — but not unexpected,” Green said. “We’ve planned and executed to get to where we are today. It’s up to us to reinvent ourselves for what lies ahead. We are already well on our way.”
For bios of Andy Green and the Mission Technologies Leadership team, visit: https://hii.com/who-we-are/leadership/mission-technologies-leadership/.
About HII
HII is a global, all-domain defense provider. HII’s mission is to deliver the world’s most powerful ships and all-domain solutions in service of the nation, creating the advantage for our customers to protect peace and freedom around the world.
As the nation’s largest military shipbuilder, and with a more than 135-year history of advancing U.S. national security, HII delivers critical capabilities extending from ships to unmanned systems, cyber, ISR, AI/ML and synthetic training. Headquartered in Virginia, HII’s workforce is 44,000 strong. For more information, visit:
- HII on the web: https://www.HII.com/
- HII on Facebook: https://www.facebook.com/TeamHII
- HII on X: https://www.twitter.com/WeAreHII
- HII on Instagram: https://www.instagram.com/WeAreHII
Contact:
Greg McCarthy
(202) 264-7126
gregory.j.mccarthy@hii-co.com
FAQ
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