Engility Holdings Inc. has announced its new CEO after Tony Smeraglinolo stepped down. It declared former Raytheon Intelligence, Information and Services president Lynn Dugle for the job aiming for organic growth and repayment of debt.
Smeraglinolo has stepped down from his former position as CEO effective immediately although no reasons were cited. He also resigned from being part of the Board of Directors. As reported by Reuters, he will be replaced by Dugle, effective in March 21.
As reported by Benzinga, Dugle has acquired more than 30 decades of experience in defense telecommunications. She also spent a decade as senior management position in Raytheon as well as her post as President.
"I am confident in and deeply committed to Engility's growth", Dugle stated. "Having spent my career in this industry, including as a member of the Boards of Engility and TASC, I am excited by the opportunities that lie ahead for Engility, particularly in growth markets such as space and intelligence.
The combination of Engility's cost-effective price structure and its offerings in these high-demand areas positions the company for continued success. I look forward to working with the rest of the management team and the company's talented employees to further distinguish Engility as a leading government services provider."
According to Washington Business Journal, Smeraglinolo's exit takes place a year after the company acquired TACS Inc. for $1.1 billion. Moreover, former TASC Inc. CEO John Hynes was also appointed as Engility's President and Chief Operating Officer of the company.
Earlier this year, Engility declared revisions during the investors call stating expectations for fiscal 2015 earnings to be within the range of $180 million to $190 million from $190 million to $220 million. The earnings-per-share forecasts were also adjusted from $1.70 to $2.20 to a range of $1 to $1.15. They are set to announce their fourth quarter and fiscal year 2015 earnings on March 3.
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