To solidify the Aug. 30 notice of separation of SAIC into two independent, publicly traded companies, the company this week announced the names for the new businesses expected to be created in the latter half of this fiscal year. The technical services and enterprise Information Technology (IT) business will retain the SAIC name, and the national security, health and engineering business will be named ‘Leidos.’
The unique name comes from the word ‘kaleidoscope,’ signifying how the company will bring together solutions from different angles, yielding innovative and effective solutions. Current SAIC COO Stu Shea will now serve as President and COO of Leidos. Tony Moraco will become the future CEO of SAIC. The new SAIC brings in $4 billion, while Leidos earns $7 billion.
“With the name Leidos, we signal that the company will deliver transforming technologies, analytics and cross-disciplinary insight for our customers to deliver real-world benefits at the speed the real world demands,” said Shea. “It’s a memorable word with dynamic connotations that capture the energy, talent and passion that our employees bring as they work to deliver solutions that protect our nation, our communities, and our families.”
Moraco said that maintaining the SAIC name will promote success and market performance in the future.
“SAIC has brand equity built over 44 years of outstanding performance delivering for customers in technical services and enterprise IT, and we will capitalize on that,” he said. “We will be going to the marketplace with both a current success story and the beginning of a new era.”
The separation is expected to occur in the latter half of the company’s fiscal year, pending final approval of SAIC’s Board of Directors. The name change is subject to stockholder approval.