SAIC's Beyster to retire, plans succession

J. Robert Beyster, the founder, chairman and chief executive officer of Science Applications International Corp., is planning to retire in February 2004 and has begun the process of finding a successor.



The board of SAIC of San Diego approved Beyster's proposed succession plan Monday. He founded the employee-owned company in 1969.



Under the plan, a search committee will be led by Thomas Young, former president and chief operating officer of Martin Marietta Corp. The committee will consider candidates both in and out of the company, Young said.



Beyster, 78, will serve as CEO until next February, unless a new CEO is hired. His term as chairman continues until July 2004, and he will remain chairman until the board selects a new one.



"My No. 1 priority is to work with our board and employee-owners to provide for a smooth transition to a new chairman and CEO," Beyster said in a statement. "Given the strength of our company, I have every expectation that SAIC's legacy of growth and significant contributions to our customers will continue under a new CEO's leadership."



SAIC had about $6.1 billion in annual revenue and 41,000 employees.