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Leidos Closes $5B Lockheed Martin Acquisition, Appoints 3 New Directors

by HITC Staff 08/17/2016 Leave a Comment

Leidos has announced the successful $5B acquisition of Lockheed Martin’s Information Systems & Global Solutions (IS&GS) business in a Reverse Morris Trust transaction.  The division has about $5 billion in sales and more than 16,000 employees globally, IS&GS has been a leading government services provider for more than 20 years. Lockheed states the move will allow them to focus more on its core aerospace and defense operations.

The Leidos Board of Directors also announced the election of three new directors to serve on the Leidos board,:

– 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 allDepartment 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 

Upon closing of the merger, Lockheed Martin shareholders will receive approximately 50.5 percent of Leidos shares, on a fully diluted basis, and pre-transaction Leidos shareholders will own the balance of the combined company’s shares.

Tagged With: diagnostic testing, Leidos, Medical Electronics, Quest Diagnostics, WASHINGTON

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