CSC CEO announces retirement plan
- By Nick Wakeman
- Oct 19, 2011
Computer Sciences Corp. is in the hunt for a new chairman, president and CEO now that Michael Laphen has announced his plans to retire by Oct. 31, 2012.
He is the latest among several high-level executive moves in the government market. Walt Havenstein, Science Applications International Corp.’s CEO announced plans in early October to retire by June 15, 2012. He cited personal reasons.
Laphen has been chairman since July 30, 2007, having become CEO the previous May. He had been company president beginning in April 2003. He first joined CSC in 1977.
Since Laphen became CEO in 2007, CSC revenue has grown from $14.9 billion to $16.1 billion in 2010. Revenue in 2010, however, dropped from the $16.7 billion CSC reached in 2009.
Net income grew over the same period, from $412 million in 2007 to $834 million in 2010, according to filings with the Securities and Exchange Commission. Earning were down in 2010 from the $1.1 billion the company reached in 2009.
CSC has hired Heidrick & Struggles, an executive recruiting firm, to help the board find a new CEO.
Laphen said he would stay on board until a successor is found and a transition can take place, but he will not stay beyond Oct. 31, 2012.
Other recent personnel moves in the market include Phil Bond resigning as president and CEO of TechAmerica, Dell hiring former EDS and Lee Technologies executive George Newstrom, and GTSI Corp. naming Jeremy Wensinger as its chief operating officer.
CSC is ranked No. 11 on Washington Technology's 2011 Top 100 list of the largest government contractors.
Nick Wakeman is the editor-in-chief of Washington Technology. Follow him on Twitter: @nick_wakeman.