HII Names Chris Kastner President & CEO; Mike Petters to Become Executive Vice Chairman of the Board

Rhea-AI Summary

Huntington Ingalls Industries (NYSE:HII) has appointed Chris Kastner as the new president and CEO, effective March 1, 2022, following a succession plan. Mike Petters transitions to executive vice chairman for a temporary period. Under their leadership, HII boasts a $48 billion shipbuilding backlog and has made technology-oriented acquisitions to enhance capabilities. Kastner, previously COO and CFO, is well-positioned to continue the company's mission in national security, as stated by Chairman Kirk Donald, ensuring continuity in leadership and operations.

Positive

• Kastner appointed as new CEO indicates strong succession planning.
• HII maintains a robust $48 billion shipbuilding backlog.

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• None.

NEWPORT NEWS, Va., Jan. 28, 2022 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) announced Thursday its board of directors elected Chief Operating Officer Chris Kastner to become HII president and chief executive officer, consistent with the company’s succession plan. The board also elected president and CEO Mike Petters to become executive vice chairman of the board for a transition period. Both changes are effective March 1.

Petters and Kastner, who has acted over the past decade as chief financial officer, head of corporate strategy and divisional financial officer, are credited with nurturing the company’s current $48 billion shipbuilding backlog. The pair also steered its recent technology-oriented acquisitions to strengthen and broaden the capabilities HII delivers to customers.

“We’ve spent the past 11 years building a company for the 21^st century,” said Petters, who took the helm of HII when Northrop Grumman spun off its shipbuilding business in 2011, after leading in various capacities for 24 years within HII’s shipbuilding divisions. “HII is now that company, with a leadership team and portfolio to serve our nation’s critical national security needs. I am proud of the work we have done together and excited to watch the company fulfill its promise. I have complete confidence in Chris and the senior leadership team in this next chapter.”

Starting March 1, Petters will support the leadership transition as executive vice chairman and will remain an HII employee through 2022, during which time he will continue to represent HII. Succeeding Petters as CEO, Kastner brings extensive leadership and program management experience. Kastner was promoted to his current COO position in February 2021, after serving as HII’s executive vice president and chief financial officer since March 2016. Kastner also served as vice president and CFO for HII’s Ingalls Shipbuilding division based in Pascagoula, Mississippi. Prior to HII’s spin-off from Northrop Grumman in 2011, he held increasingly responsible positions on the B-2, Joint STARS and Global Hawk programs, and served as corporate director of strategic transactions. His selection to succeed Petters is part of HII’s multi-year succession planning process.

“Given HII’s support for national security, the company takes business continuity extremely seriously,” said Kirk Donald, chairman of the board of HII. “We are grateful to Mike for his immeasurable contribution to the nation, and for what is now a supremely responsible leadership hand-off. The entire board joins me in congratulating Chris as he takes the helm of HII. The company’s workforce and customers can be confident that HII’s work will carry on with the same great sense of mission and service to our customers and our country.”

In addition to overseeing HII’s growth during his leadership tenure, Petters has also become a leading voice in the business community on matters of ethics, pre-K education and workforce development. Petters will also continue to serve as chairman of the board of governors of the Aerospace Industry Association, an advocacy organization on behalf of aerospace and defense companies.

Photos accompanying this release are available at: https://newsroom.huntingtoningalls.com/releases/kastner-petters-transition.

HII is a global engineering and defense technologies provider. With a 135-year history of trusted partnerships in advancing U.S. national security, HII delivers critical capabilities ranging from the most powerful and resilient maritime platforms ever built, to unmanned systems, ISR and AI/ML analytics. HII leads the industry in mission-driven solutions that support and enable a connected, integrated full spectrum force. Headquartered in Newport News, Virginia, HII’s skilled workforce is 44,000 strong. For more information, visit:

• HII on the web: www.HII.com
• HII on Facebook: www.facebook.com/HuntingtonIngallsIndustries
• HII on Twitter: www.twitter.com/hiindustries
• HII on YouTube: www.youtube.com/huntingtoningalls
• HII on Instagram: www.instagram.com/huntingtoningalls
  

Contact:

Brooke Hart
Brooke.Hart@hii-co.com
(202) 329-5285

FAQ

Who is the new CEO of Huntington Ingalls Industries?

Chris Kastner has been elected as the new president and CEO of Huntington Ingalls Industries, effective March 1, 2022.

What is the shipbuilding backlog of Huntington Ingalls Industries?

Huntington Ingalls Industries currently has a shipbuilding backlog of $48 billion.

What position will Mike Petters hold after his transition?

Mike Petters will serve as the executive vice chairman of the board following his transition.

When will the leadership changes at HII take effect?

The leadership changes at Huntington Ingalls Industries will take effect on March 1, 2022.

What experience does Chris Kastner bring to his new role?

Chris Kastner has extensive experience, having served as COO, CFO, and held leadership roles in various divisions at HII.