Fuchs out as ATS begins evaluation of 'strategic alternatives'
Executive was named president, CEO in October 2010
- By David Hubler
- Jan 10, 2011
Sid Fuchs, president and CEO of ATS Corp., is leaving the company after a company announcement that the board of directors “has begun a process to evaluate strategic alternatives.”
“The board continues to believe that the current market value of the company’s shares does not reflect its underlying value and prospects,” Board Chairman Edward Bersoff said in a statement released Jan. 7.
There can be no assurance that the review of strategic alternatives will result in the company pursuing any particular transaction, or, if it pursues any such transaction, that it will be completed, the statement added.
“In light of the board’s decision to begin this process, [Fuchs] concluded that it was in his best interests to pursue other opportunities,” Bersoff said.
As a result, Executive Vice President and Chief Financial Officer Pamela Little and Senior Vice President John Hassoun have been named co-CEOs.
Little will have primary responsibility for financial and administrative aspects of the company’s affairs and Hassoun will have primary responsibility for operational matters, such as pursuit and execution of contracts.
In October, Bersoff announced that he was turning over his CEO and president roles to Fuchs, who was executive vice president and chief operating officer. Bersoff remained chairman of the board.
Fuchs joined ATSC in April 2010 after leaving OAO Technology Solutions, where he was president and CEO. OAOT was sold to Platinum Equity, a private equity firm, in January 2010.
Previously, Fuchs was president of Northrop Grumman’s Information Technology’s civilian agencies group, and before that he had served as president and CEO of TASC Inc., formerly a Northrop subsidiary.
ATSC, of McLean, Va., supplies government agencies with various IT services, including software and systems development; systems integration; infrastructure support; and outsourcing, information sharing and consulting.
David Hubler is the former print managing editor for GCN and senior editor for Washington Technology. He is freelance writer living in Annandale, Va.