Leidos (LDOS) Closes Merger with Lockheed Martin's (LMT) IS&GS Business

August 16, 2016 1:03 PM EDT

Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.

Leidos Holdings, Inc. (NYSE: LDOS) today announced the successful completion of the previously announced combination of Leidos with Lockheed Martin's Information Systems & Global Solutions (IS&GS) business in a Reverse Morris Trust transaction. The Leidos Board of Directors also announced the election of three new directors – Gregory R. Dahlberg, Surya N. Mohapatra and Susan M. Stalnecker – to serve on the Leidos board, which now has 12 directors.

"Today marks the next step in the evolution of Leidos. I'm excited about where we came from and what the future holds. I want to thank all of our employees for their hard work during this time of change. It would not have been possible without their efforts, but as we know change is constant and our journey is a marathon not a sprint," said Roger A. Krone, Leidos' Chairman and Chief Executive Officer. "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."

About the new directors:

  • Gregory R. Dahlberg 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 his years at Lockheed Martin, Mr. Dahlberg 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. Mr. 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. He received a B.A. in Business Administration and Political Science from Luther College and an M.P.A. from The American University.
  • Surya N. Mohapatra, Ph.D., has held senior leadership positions in the health care industry for more than 30 years, most recently as the Chairman, President and Chief Executive Officer of Quest Diagnostics Incorporated, the world's leading provider of diagnostic testing, information and services where he had been a senior executive since 1999. Dr. Mohapatra is a past Board member of the ITT Corporation and is currently a member of the Board of Directors of Xylem Inc., a leading global water technology and transport company. He is also a Trustee of The Rockefeller University and an Executive in Residence at the Columbia Business School. Dr. Mohapatra holds a BS in Electrical Engineering from the Regional Engineering College, Rourkela, India; a Master of Science in Medical Electronics from the University of Salford, England; and a Doctorate in Medical Physics from the University of London and the Royal College of Surgeons of England.
  • Susan M. Stalnecker was employed by E.I. du Pont de Nemours & Co. from 1977 to 2016, serving in numerous senior roles during her tenure, including 10 years as Vice President and Treasurer and most recently as Vice President, Corporate Productivity and Hospitality. Ms. 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. She currently serves on the board of directors and audit committee at Duke University Health System, Inc. Ms. Stalnecker received her undergraduate degree from Duke University and an MBA from The Wharton Graduate School of Business.

For more information visit Leidos.com/transform.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Management Changes, Management Comments, Mergers and Acquisitions

Related Entities

Definitive Agreement

Add Your Comment