NHDP - ICYMI: Walt Havenstein has no answers for his mismanagement and failed leadership as CEO of SAIC

Concord, NH-- Following coverage of Walt Havensten's abysmal business record and his campaign's feeble attempt to defend his failed leadership, the New Hampshire Democratic Party released the following statement.

"Walt Havenstein ducked responsibility and offered no answers for his mismanagement and failed leadership as CEO of SAIC," said New Hampshire Democratic Party Communications Director Julie McClain. "His weak excuses don't explain why he waited over a year into his tenure - and until after the authorities had already made charges - before holding anyone at SAIC accountable for the fraud and conspiracy that cost taxpayers over $500 million. Walt also desperately tried to blame SAIC's sinking revenue, plummeting stock price and thousands of job losses on a 'down cycle in government contracting and defense spending' -- even though it was Walt's own failed strategy that made SAIC rely even more on the federal government and taxpayer-backed contracts.

"It's clear that even after making $20 million and receiving a million-dollar golden parachute, Walt Havenstein has no interest in taking responsibility for his failures as CEO, and Granite State voters have no interest in seeing Walt do to New Hampshire what he did to SAIC," McClain concluded.


Nashua Telegraph: Video criticizes NH gubernatorial candidate Havenstein’s record as CEO of Virginia firm

The state Democratic Party launched a blistering Web video Tuesday critical of Republican candidate for governor Walt Havenstein’s performance as CEO of a Virginia contracting firm.

The video claims that during Havenstein’s 2½-year tenure, the company lost 5,000 jobs, had its stock drop 32 percent and suffered a fraud scandal that overcharged New York City taxpayers $600 million, which Havenstein failed to prevent.


There’s little to dispute the company’s stock and job loss performance.

Government records confirm that when Havenstein started at the company, SAIC had 46,200 employees. The workforce was down to 41,100 in 2012.

Likewise, according to Wall Street reports, the stock price was $71.32 a share when Havenstein took over on Sept. 21, 2009.

On Havenstein’s last day on the job, the stock was worth $48.64.

Read more here


WMUR: NH Dems attack Havenstein's business record in web ads and website

The minute long web-ad and website focused on Havenstein's time as CEO of a technology and engineering company called SAIC. While he headed up the company it was announced that the firm faced a huge fraud charge from the federal government.

Havenstein's business record could be one of the most scrutinized during this fall's campaign.

Read more here


Concord Monitor: Democrats hit Havenstein for tenure at company charged with fraud


In 2010, federal prosecutors announced evidence of money laundering through SAIC’s work on CityTime, an automated payroll system for employees of New York City, which defrauded taxpayers out of millions of dollars. In 2012, SAIC agreed to pay $500 million in penalties and restitution in order to avoid federal prosecution. In April of this year, one of the SAIC employees involved was sentenced to 20 years in prison in what a federal district court judge called the “largest city corruption scandal in decades,” the New York Times reported.

Democrats are laying blame directly at Havenstein’s feet, saying he should have acted sooner to fire those responsible for the fraud.


The state Democratic Party says that Havenstein “either turned a blind eye or failed to ask the right questions” until the company was charged with fraud, more than a year after he joined. Aside from the fraud scandal, Democrats say Havenstein’s approach to running SAIC resulted in falling stocks and lost jobs. Reports show the company’s stock fell 32 percent during Havenstein’s tenure.

Read more here