Bloomfield, Conn.-based Kaman Corporation (NYSE:KAMN) will have a new Chief Financial Officer soon.

On Thursday, the aircraft parts-maker announced that when current CFO William C. Denninger retires on June 30, he will quickly be succeeded (the very next day, in fact) by newly promoted Senior Vice President and CFO Robert D. Starr.

Starr, who currently serves as Vice President and Treasurer, joined Kaman four years ago. Since then, as Chief Executive Officer Neal Keating avers, Starr "has effectively led [Kaman] through a number of capital market transactions and transformed the administration and investment policy of [the company's] pension plan."

According to information contained in a company filing with the SEC, once Starr takes over as CFO in July, he will receive a base salary of $280,000, plus:

  • an annual bonus targeted at 40% of base salary
  • participation in Kaman's Long-Term Incentive Program, with an award approximating 90% of base salary
  • other assorted benefits

Kaman shares declined 2.2% in Thursday trading, closing at $32.54.

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