Mr. Gaffney sounds like a star performer from his days at ITT and IAP, and DynCorp will be well served. It sounds like Bill will still be involved with the direction of things with a seat at the board.
So I just classify this as a reshuffling of some key leadership. Cerberus stands to do well with this arrangement, and will certainly be a powerhouse coming into the future. I just hope DynCorp is ready for WPPS in Iraq and their crisis management game is locked on. –Matt
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Dyncorp International President and CEO Announces Departure, Successor Named
August 20, 2010
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.”
