Northrop Grumman has named veteran finance executive David Keffer as its new CFO, replacing Kenneth Bedingfield.
Keffer has most recently been a general partner at investment firm Blue Delta Capital Partners after previously serving as CFO at CSRA and its predecessor company SRA International.
His appointment at Northrop will become effective Feb. 17, with Bedingfield remaining at the company until Feb. 21 to help with the transition.
“I am confident that Dave will strengthen our leadership team with his strategic, financial and business acumen, and will help our company continue to grow and perform,” CEO Kathy Warden said in a news release. “Dave has broad experience and a proven track record of effectively leading finance organizations and driving business results.”
Bedingfield, previously Northrop’s vice president, finance, was promoted to CFO in 2014 and, according to the Washington Business Journal, helped shepherd the defense contractor “through a time of tremendous growth, as its revenues climbed on the backs of new defense spending.”
During his tenure, Northrop was active in M&A, making such deals as the acquisition of Dulles-based Orbital ATK for $7.8 billion in 2018 that solidified its dominance in the rocket and missile propulsion market.
“Ken’s leadership helped position us for our future,” Warden said.
In fiscal 2019, Bedingfield earned $5.9 million, including $2.1 million in salary and $3.5 million in equity. On Monday, he sold 4,611 Northrop shares for a total value of nearly $1.7 million.
Keffer earned a bachelor’s degree in finance from Georgetown University and an MBA from the University of Virginia’s Darden School of Business. He joined SRA in 2003, rising to corporate controller in 2013 and CFO the following year.