31 Jan (Reuters) – Mercury Systems (MRCY.O) on Tuesday announced the departure of financial chief Michael Ruppert, saying the defense-tech firm had begun reviewing strategic alternatives.
The news comes a year after activist hedge fund Starboard Value LP, which owns approximately 7.33% of Mercury, sent an open letter to its board asking it to scrap its shareholder rights plan adopted in December 2021. brought later.
Separately, activist investor Jana Partners said it would encourage Mercury to consider business options, including a potential sale.
Mercury Systems, which develops and manufactures computer hardware and software products for the aerospace and defense industry, said in a statement on Tuesday, “There is no guarantee that any transaction will be approved or completed.
“The company does not intend to disclose developments related to this process unless the board of directors approves or completes its review of a particular contract or transaction.”
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Mercury Systems had a market capitalization of $2.84 billion as of Tuesday’s close.
Citi and Goldman Sachs & Co. LLC are acting as financial advisors to Mercury.
The company also reported second-quarter revenue of $229.6 million, compared with $220.4 million in the same period last year.
Chief Financial Officer (CFO) Rupert has stepped down effective February 17 to accept an opportunity in the private sector, and Mercury has begun the search process for his replacement.
Reported in Bangalore by Kannaki Deka. Edited by Devika Symnath
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