CSRA Inc. announced Nov. 30 that it has completed its separation from CSC and is now an independent, public company trading on the New York Stock Exchange under the ticker symbol “CSRA.” CSRA also completed its planned combination with SRA International Inc. (SRA).
“A little more than six months ago, CSC’s Board of Directors determined that two leading pure-play companies, focused exclusively on their respective customer segments, would best serve the interests of our clients, employees and other stakeholders,” CSC President and CEO and CSRA chairman Mike Lawrie said. “The debut of CSRA and the completion of the merger with SRA accelerate our transformational goals and enable both CSC and CSRA to drive innovation and better address the demands of the markets they serve. On behalf of both Boards and leadership, I want to thank everyone who helped make today a reality.”
“By combining the former CSC and SRA businesses into CSRA, we have created the leading provider of next generation IT solutions that will really make a difference in how our government serves our country and our citizens,” CSRA CEO Larry Prior said. “I am proud of the heritage, culture, and people of both of these great organizations and excited about moving forward together as a single, stronger company dedicated to supporting the important missions of our customers.”
“New day, new company. CSRA is playing upstream with Leidos and CACI. After they finish extracting costs and improving margin, the mandate is growth, likely through further acquisition. The clock is ticking now, but Larry Prior and the members of his newly combined leadership team have experienced both smooth and turbulent markets. They will definitely need that battlefield experience combined with continued stamina and real agility to maintain the momentum necessary to excel in a very competitive market. I think Larry has the right, candid perspective going in. It will be exciting to see what transpires over the next few years,” said Mark HuYoung, Managing Partner at NorthWind Partners.
Lawrie, Keith Alexander, Sanju Bansul, Michèle Flournoy, Mark Frantz, Nancy Killefer, Sean O’Keefe, Prior and Michael Ventling have been appointed to CSRA’s Board of Directors, joining Billie Williamson, who was appointed earlier as a member of CSRA’s Board and Audit Committee.
Additionally, upon completion of the merger with SRA, the CSRA Board appointed David Keffer as Chief Financial Officer and John Reing as Chief Human Resources Officer.