Dyncorp International President and CEO Announces Departure, Successor Named
FALLS CHURCH, Va. (August 20, 2010) - DynCorp International (DI) today announced that Steve Gaffney will become the company's chief executive officer and president effective August 25, 2010, the date that current CEO and president, Bill Ballhaus, has announced that he will resign. Mr. Ballhaus, who joined the company in May 2008, will continue to serve on the company's Board of Directors as vice chairman and has accepted a position as a strategic advisor to DI's new parent, Cerberus Capital Management L.P.
"Over the past two years the DI team has accomplished great things: we redefined our core values, strengthened our leadership programs, entered new business sectors and expanded our global footprint," said Mr. Ballhaus. "The company is now in a position of strength and, while I am stepping down from my day-to-day role, I look forward to remaining actively engaged in DI's future through my involvement on the Board and as a senior advisor to its owners."
Mr. Gaffney, who already serves as chairman of DI's Board of Directors and will operate out of the company's Falls Church headquarters, joins DI from IAP Worldwide Services, Inc. (IAP), where he has served as CEO since January 2009.
"Bill and I have worked closely together over the past several months, discussing the company's operations, management and future. I look forward to continuing to work with Bill in his role as a key strategic advisor and on the company's Board," said Mr. Gaffney. "He deserves a great deal of credit for expanding the company's global footprint and establishing a solid foundation of corporate goals and core values that will guide the company's future success."
Mr. Gaffney has more than 25 years of leadership experience in the defense industry. In addition to his experience with IAP, he served as senior vice president of ITT Corporation and president of ITT Defense Electronics and Services. Mr. Gaffney was responsible for establishing ITT's strategic direction as well as financial and operating performances. Under his leadership, the company grew more than 60 percent as Mr. Gaffney executed both organic and acquisition strategies. He also had responsibility for driving Lean Six Sigma and Operational Excellence across all of ITT.
Early in his career, Mr. Gaffney led business segments at Litton Industries, AlliedSignal and Smith Industries. He earned a Bachelor of Electrical Engineering degree from Lafayette College in Easton, Pennsylvania, and is certified as a Lean Six Sigma Champion and Green Belt.
About DynCorp International
DynCorp International is a global government services provider in support of U.S. national security and foreign policy objectives, delivering support solutions for defense, diplomacy, and international development. DI operates major programs in logistics, platform support, contingency operations, and training and mentoring to reinforce security, community stability, and the rule of law. DynCorp International is headquartered in Falls Church, Va. For more information, visit www.dyn-intl.com.