SAIC Inc. (NYSE: SAI) shareholders approved an internal merger of its wholly owned subsidiary, Science Applications International Corp., with the holding company on June 15, the Washington Business Journal reports.
According to Jill Aitoro‘s report, the company will now go byBudget Year the long-hand version of the name, nearly six years after taking on the SAIC Inc. name as part of its initial public offering.
Revenue, net income, total assets and total liabilities will remain identical under the name, according to the report.
The board of directors also elected CEO John Jumper chairman and Lawrence Nussdorf lead director, Aitoro reported.
Nussdorf is the president and chief operating officer of Clark Construction Group‘s parent company.
The board also approved a bylaw to designate an independent lead director whenever the board’s chair is a company executive, according to the report.
Aitoro adds that the company’s ticker symbol will likely remain the same.