All - Please see important excerpts from AP reporting on the truth regarding Walt Havenstein's tenure as CEO of SAIC following his tenure at BAE Systems, which directly contradicts the false attacks made by the New Hampshire Democratic Party.  To read the full article, please click here.


Experts: Ads against Havenstein omit key context

By Kathleen Ronayne



...defense industry analysts and experts say the ads ignore key elements of the full story, such as the nationwide recession and cuts to the federal defense budget that had effects across the industry.

Havenstein was CEO at SAIC from 2009 to 2012, his final job before retiring after a long career in the defense industry that included leading BAE Systems in Nashua."




"Defense companies were forced to reduce payrolls and to restructure to meet the new realities. Tens of thousands of jobs were lost across the industry," said Guy Anderson, senior principal analyst for Aerospace, Defense and Security at IHS Jane's, said in an email. "In short, the reductions at SAIC (both in stock valuations and the payroll) were not out of the ordinary compared with peers."


The company's revenue remained stable during that time.




Havenstein says he did this to give SAIC more "punching power" in the market. That transition had its troubles, but SAIC ultimately weathered changes in the industry on par with its competitors, analysts said. 




Havenstein defends the strategy change.


"We did real well relatively speaking as the market came down," he said. "Our traditional market started to feel the impacts of budget constraints and eventually sequestration, (but) we were growing our opportunity list."




Democratic Party leaders have repeatedly declined to address Havenstein's time at BAE Systems, which saw its U.S. sales double to $20 billion during his run as chief executive officer from 2007 to 2009. The company employs more than 4,000 people in New Hampshire.


BAE Systems acquired two prominent competitors during Havenstein's tenure: United Defense in 2005 and Armor Holdings in 2007. The Armor acquisition helped BAE deliver a military vehicle designed to protect against explosive devices on time and at a fixed price, Havenstein said.

He continues to make his business experience the centerpiece of his campaign.