news US-based multinational defence company Leidos has announced the successful completion of its previously announced merger with Lockheed Martin’s Information Systems & Global Solutions (IS&GS) business.
The merger was achieved via a Reverse Morris Trust transaction, according to Leidos, which allows a company to spin off and later sell assets while avoiding the payment of taxes on any gains from the disposal.
“Today marks the next step in the evolution of Leidos. I’m excited about where we came from and what the future holds,” said Roger Krone, Leidos’ Chairman and Chief Executive Officer.
Announced alongside the merger, the Leidos board has recently elected three new directors – Gregory Dahlberg, Surya Mohapatra and Susan Stalnecker – who bring the number of directors to 12.
Gregory Dahlberg has previously held various senior executive positions at Lockheed Martin, most recently serving as the Senior Vice President for Washington Operations from 2009 to 2015.
Prior to joining Lockheed Martin, he served as Minority Staff Director of the House Appropriations Defense Subcommittee with jurisdiction over funding for all Department of Defense and intelligence agency programs. He also assisted in authoring the landmark Budget Enforcement Act of 1990.
Dahlberg was confirmed by the Senate as the 26th Under Secretary of the Army in 2000 and also served as Acting Secretary of the Army from January 2001 to March 2001.
Dr Surya Mohapatra, PhD, has held senior positions in the healthcare industry for more than 30 years, most recently as the Chairman, President and CEO of Quest Diagnostics Incorporated.
Dr Mohapatra is also a past board member of the ITT Corporation and is currently a member of the Board of Directors of Xylem Inc, a global water technology and transport company.
Susan Stalnecker was employed by DuPont from 1977 to 2016, serving in a number of senior roles, including 10 years as Vice President and Treasurer and most recently as Vice President, Corporate Productivity and Hospitality.
Stalnecker previously served on the board of directors of PPL Corporation, a public holding company of PPL Electric Utilities Corporation from December 2001 to January 2009, and on the board of trustees of Duke University from 2003 to 2015.
“We’re delighted to have three new directors join our board of directors, who bring with them years of experience in science, industry and business,” Krone said.
Leidos is a provider of science and technology solutions working within the defence, intelligence, homeland security, civil, and health markets. The company employs 33,000 staff members and is headquartered in Reston, Virginia.
The firm reported pro forma annual revenues of approximately $10 billion for the fiscal year ended 1 January, 2016.