Back in early July 06' I selected twenty three companies out of a total two hundred and nineteen CEO related changes for the month of June investors should consider re-examining for investment possibilities. Below is the firm selected with the largest market cap at the time, L-3 Communications (LLL - NYSE) $9.363 billion.
In early June 06" L-3 Communications, a defense contractor that makes systems for satellite, avionics and marine communications, lost its famed founder and CEO, Frank Lanza. Lanza who was known as a hands-off executive (an unusual trait for a defense contractor chief executive) built the company through a series of keen acquisitions and entrepreneurial management over its different divisions. Lanza's death put a shroud over the company. The board of directors quickly appointed an interim CEO, Michael T. Strianese, the existing CFO and someone who was intimately involved in the firm since its formation back in 1997. Prior to working at L-3 Communications, Strianese worked for Lockheed Martin and earlier with Ernst & Young.
Liberum viewed Strianese's appointment favorably. Nearly five months after his interim appointment the board chose to make Strianese the CEO and President of the firm. Strianese learned a great deal from Lanza and throughly understood the business and how to handle acquisitions. So far he has turned out to be an excellent choice.