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As federal belts tighten, contractor CEOs enjoy million-dollar raises

On the same day in March that Lockheed Martin warned that the sequester could lead to thousands of employee furloughs and layoffs, the nation’s largest federal contractor disclosed that it had just boosted the compensation of its former CEO by more than $2 million.

Former Lockheed CEO Robert Stevens, who retired as CEO on Jan. 1 but remains chairman, saw his overall compensation rise from $23.4 million in 2011 to $27.5 million in 2012, according to Securities and Exchange Commission (SEC) forms.

The disclosure shows how even with a looming sequester, budget standoffs and defense cutbacks, federal belt-tightening hasn’t yet hit the wallets of top executives for some of the nation’s biggest federal contractors.

Keep reading this article at: http://www.federaltimes.com/article/20130423/ACQUISITION03/304230001/As-federal-belts-tighten-contractor-CEOs-enjoy-million-dollar-raises 

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Government contractor SAIC to split into two firms

Science Applications International Corp. will be splitting off into two publicly traded companies, according to a statement SAIC released.

One of the new companies will focus on government technical services and information technology, while the other will target what SAIC called “high-growth markets” in national security, engineering and health. The company expects the technical services business to bring in revenues of approximately $4 billion dollars in 2013, whereas revenues estimates for the solutions business stand at $7 billion.

“Our two new companies will be designed so that their businesses can be more differentiated and more competitive in their own space,” SAIC Chairman and CEO John Jumper said. “More importantly, that addressable space will expand for each as we eliminate the burden of organizational conflicts of interest.”

Keep reading this article at http://www.govexec.com/contracting/2012/08/government-contractor-saic-split-two-firms/57813/?oref=management_agenda_nl 

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