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SAIC announces internal merger; names Chairman and Lead Director
June 22, 2012: SAIC shareholders approved on Friday, June 15, 2012, the merger of SAIC Inc. with its wholly owned subsidiary, Science Applications International Corporation, according to The Washington Business Journal. That will mean, among other things, a switch in the company's moniker back to the latter from the former, which has been the standard since the company's 2006 initial public offering. As reported in April, 2012, SAIC proposed the merger of the holding company and its one directly owned subsidiary to simplify corporate administration, reduce some expenses and trim confusion among investors, customers and suppliers. Meanwhile, SAIC has named Chief Executive Officer John Jumper as the company’s Chairman, and has named Lawrence Nussdorf as Lead Director. Nussdorf is the president and chief operating officer of Bethesda-based Clark Enterprises Inc., the parent holding company of the Clark Construction Group LLC.