SAIC restructures business groups, offers 100 senior managers early retirement
- By Ross Wilkers
- Oct 02, 2017
Science Applications International Corp. said Monday it has consolidated its business organizations and offered voluntary retirement packages to nearly 100 senior managers.
The move is in support of SAIC’s long-term “Ingenuity 2025” strategy and seeks to address challenges the company faced in the first half of its fiscal year, according to an SAIC statement. First half revenue fell 1.6 percent from the prior year period and the company has posted year-over-year revenue declines in three straight quarters.
As part of the consolidation, SAIC has restructured from five customer-facing customer groups into three and six capabilities-focused service lines into three. This comes nearly three months after SAIC moved its headquarters from McLean, Va. to Reston and appointed Nazzic Keene as chief operating officer as part of the Ingenuity 2025 strategy.
(Click here to read our interview with Keene on Ingenuity 2025 for our article on SAIC’s No. 11 ranking on the 2017 Washington Technology Top 100).
Shares in SAIC traded up 1 percent in the morning session Monday but have held almost 21 percent lower since the start of a year that has included both an all-time record close of $89.24 on Feb. 27 and a 52-week low close of $61.06 on Sept. 8.
SAIC indicated in its second quarter earnings report for September it sees growth in the second half of the company’s fiscal year as second quarter bookings totaled $2 billion for a book-to-bill ratio of 2.0, both records since SAIC’s September 2013 relaunch after the split from Leidos. Trailing book-to-bill ratio over 12 months was 1.4 as of Aug. 4.
Ross Wilkers is a senior staff writer for Washington Technology. He can be reached at [email protected] Follow him on Twitter: @rosswilkers. Also find and connect with him on LinkedIn.