Executive Mosaic is pleased to present Roger Krone, chairman and CEO of Leidos, as an inductee into the 2020 Wash100 Award for driving company growth through the acquisitions of Dynetics as well as L3Harris security detection and automation businesses.
This marks the seventh consecutive-time that Krone has received a Wash100 Award, which means he’s been given this honor every year of the award’s existence. He received his 2019 Wash100 Award for his leadership and efforts to create innovative technology solutions in defense, intelligence, health and other federal markets.
ExecutiveBiz reported in Feb. 2020 that Leidos generated $11.09 billion in revenue during the 2019 fiscal year, which was an increase of 8.8 percent over the previous year. In particular, the company’s defense solutions segment recorded $5.8 billion in revenue, up 8.1 percent, which was attributed to new contract awards, an increase in the volume of programs and acquisitions.
"Our growth and execution momentum accelerated throughout 2019 and has continued into 2020 with significant new program wins and the opportunity to create value from our two recently announced acquisitions," said Krone.
The first major acquisition was the company’s acquisition of Dynetics, the Huntsville, Ala.-based technology services contractor, in Dec. 2019 for approximately $1.65 billion in cash as part of efforts to expand its portfolio of offerings and further build up its position in intelligence, civil and defense markets.
The transaction is expected to be completed in the first quarter of 2020 and help advance opportunities within the Leidos Innovations Center that develops technologies to meet clients’ requirements.
“Dynetics is an innovative company with a talented team that will deepen our identity as a national security systems provider and enhance our platform to deliver sustainable, profitable growth,” said Krone. “The addition of Dynetics will significantly increase our capabilities for rapid prototyping and agile system integration and production, enhancing our overall offerings and services to customers.”
Leidos also entered into a definitive agreement to acquire L3Harris Technologies’ security detection and automation businesses for $1 billion in cash in Feb. 2020 to add complementary technology and products as well as create a comprehensive security and detection portfolio for the company. Leidos will acquire new L3Harris’ products with the purchase, which will enable Leidos to create a comprehensive security and detection platform.
“The acquisition of these businesses will help accelerate our growth and innovation and enable us to offer the market a comprehensive security platform,” said Krone.
L3Harris will also supply a variety of new technologies, including CT scanners, people scanners, comprehensive explosives trace detectors, checked baggage screeners and automated tray return systems. With the new devices, Leidos portfolio will strengthen the company’s offerings in the global security products market.
Executive Mosaic congratulates Roger Krone and Leidos for his 2020 Wash100 Award. Krone has won a Wash100 Award each year of the award’s history, which demonstrates an unparalleled commitment to the government contracting (GovCon) sector and the continued excellence of its top members.
About The Wash100
This year represents our sixth annual Wash100 Award selection. The Wash100 is the premier group of private and public sector leaders selected by Executive Mosaic’s organizational and editorial leadership as the most influential leaders in the GovCon sector. These leaders demonstrate skills in leadership, innovation, achievement, and vision.
Visit the Wash100 site to learn about the other 99 winners of the 2020 Wash100 Award. On the site, you can submit your 10 votes for the GovCon executives of consequence that you believe will have the most significant impact in 2020.