Perspecta CEO Mac Curtis retiring; Peraton CEO Stu Shea taking reins
Leadership shift to take place after Peraton closes $7.1B Perspecta acquisition
Mac Curtis, the president, chairman and CEO of Chantilly-based federal IT contractor Perspecta Inc., plans to retire this year and will be replaced by the head of Peraton Inc., the Herndon-based national security contractor that is acquiring Perspecta, according to documents filed with the U.S. Securities and Exchange Commission.
In an undated letter to employees, Curtis announced he will retire after Peraton closes on its $7.1 billion all-cash acquisition of Perspecta, announced on Jan. 27 and expected to occur during the first half of 2021. Peraton Inc. Chairman, President and CEO Stu Shea will oversee the combined companies, which will retain the Peraton name, according to a second letter filed with the SEC on Feb. 2 by Ramzi Musallam, CEO and managing partner of private investment firm Veritas Capital, Peraton’s parent company.
“There have been many questions about my role going forward,” Curtis wrote to Perspecta staff members, “so I’d like to address the speculation directly and share some personal news with you. It is my intent to retire after this transaction closes. This is not a goodbye note in any way — there is much important work still to do! I felt it was important to share this decision so rumors do not distract us at this crucial time. Serving as Perspecta’s chairman and CEO has been the honor of my lifetime. I will remain your leader, champion and voice as we navigate through this intricate process together.”
Veritas Capital has been an investor in Perspecta since its June 2018 founding as a publicly traded company — the result of a three-way merger between Vencore Holding Corp., KeyPoint Government Solutions and the U.S. public sector business of DXC Technology. Veritas Capital held 14.5% of Perspecta’s shares before Peraton’s purchase announcement and has had a long relationship with Curtis, who has led three companies partly owned by the firm. Prior to leading Perspecta, Curtis was Vencore’s president and CEO.
At the beginning of February, Peraton closed its $3.4 billion acquisition of Northrop Grumman Corp.’s federal IT and mission support services business, and a few days later Peraton announced it was restructuring the company into four sectors led by four presidents: Space & Intelligence, Cyber Mission, Global Defense & Security and Civil & Health.
“One of the reasons Perspecta has been a powerhouse is due to the leadership of its chairman and CEO, Mac Curtis,” Musallam wrote. “I hope you will join me in thanking Mac for his tremendous service to Perspecta and wishing him well in his retirement. I have had the personal honor of knowing Mac for over 15 years. Mac led three predecessor companies owned by Veritas Capital — Vangent, Vencore, and Perspecta — and additionally served as a director on the boards of two other Veritas portfolio companies — CRGT and Truven Health Analytics. Mac was a valuable senior adviser to Veritas for years, and I have been grateful for his contributions to the firm.”
In 2019, Perspecta acquired Knight Point Systems for $250 million and won an $824 million contract with the National Geospatial Intelligence Agency and a $657 million extension on its IT services contract for the Navy. Curtis also won the 2019 Greater Washington GovCon Award for Executive of the Year from the Northern Virginia Chamber of Commerce and the Professional Services Council. Last year, Perspecta unsuccessfully challenged the March 2020 award of the Navy’s $7.7 billion IT services contract to Leidos Holdings Inc. Perspecta previously held the contract, which included hardware products.
Shea designed some of the CIA’s earliest computer systems and is the founder and emeritus chairman of the U.S. Geospatial Intelligence Foundation. He’s also the former president and COO of Leidos Holdings Inc. and guided the corporate division of Science Applications International Corp., into Leidos and a new SAIC.