Firefly Aerospace Adds Former Lockheed Space Chief Rick Ambrose To Audit And Pay Committees
The 8-K says director Thomas Zurbuchen resigned September 30 without a dispute, and Ambrose was appointed October 5.
Firefly Aerospace appointed Rick Ambrose, who retired from Lockheed Martin as the executive in charge of its Space business, to its board on October 5, according to an 8-K. He fills the seat after director Thomas Zurbuchen resigned effective September 30.
What the 8-K says
Zurbuchen told the board on September 30 that he was resigning, effective the same day. The filing says his departure was not the result of any disagreement with the company or its management over operations, policies or practices.
On October 5 the board named Ambrose a Class III director, effective immediately. His term runs to the 2028 annual meeting of stockholders, or until a successor is elected and qualified.
He also joins the Audit Committee and the Compensation Committee. The board determined he is independent under Nasdaq and SEC rules, including the tougher independence test for audit committee members under Rule 10A-3.
The filing was signed October 6 by Chief Financial Officer Darren Ma.
Who Ambrose is
Ambrose, 68, sits on the board of Textron. He retired in March 2022 as Lockheed Martin's Executive Vice President—Space, where he led a $12 billion Space business. He took that role in 2013.
Since September 2022 he has been president of Ambrose Advisors, LLC, and since December 2022 a Senior Director at SDR Ventures. He was a Senior Advisor at McKinsey & Company from October 2022 to December 2023.
Earlier he ran Lockheed units, joining in 2000, and before that led the Space Systems Division at Hughes Information Systems. The board said it chose him for his aerospace leadership experience and financial expertise.
What he will be paid
Ambrose falls under the company's Outside Director Compensation Policy. It pays each non-employee director a $100,000 annual cash retainer, in four quarterly installments paid in advance.
Committee members get extra cash: $10,000 a year for the Audit Committee and $7,500 for the Compensation Committee. Chairs get more, at $20,000 and $15,000.
As a new director he receives a one-time restricted stock unit grant valued at $150,000. He also gets an annual grant of the same value at each annual meeting, prorated the first time. Each grant vests in full after one year and accelerates fully if the company undergoes a change in control.
The filing says there is no arrangement under which he was selected, no related-party transactions requiring disclosure and no family ties to any director or executive officer. He will sign the company's standard director indemnification agreement.
Stock and what's next
FLY closed at $22.83 in Tuesday trading and traded at $22.98 in Tuesday after-hours trading, up about 0.7%, according to market data. The filing was accepted at 4:05 p.m. ET, after that reading.
Ambrose's term ends at the 2028 annual meeting, when he would stand for election by stockholders.
Sources
- 8-K Filing — Firefly Aerospace Inc. (FLY) — SEC EDGAR
