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Wednesday
Jun112014

NHDP Launches Online Campaign To Educate Voters on Walt Havenstein’s Record of Mismanagement and Failed Leadership

New WaltFacts.com Website and Web Ad Outline Chronic Mismanagement, Jobs Lost, and Failure to Stop Massive Overcharging of Taxpayers Under Havenstein at SAIC
 

Concord, NH—Today, the New Hampshire Democratic Party launched an online advertising campaign that spotlights Walt Havenstein’s failed leadership as CEO of the defense contractor SAIC. While Havenstein was CEO, he implemented a failed strategy that cost the company millions. During Havenstein's tenure, SAIC shed thousands of jobs, its stock to plummeted 32 percent, and Walt failed to stop a fraud scandal that overcharged taxpayers hundreds of millions of dollars.
 
“Walt Havenstein wants New Hampshire voters to let him create an economic plan for our state, but as CEO, his failed strategy for SAIC resulted in thousands of jobs shed, a plummeting stock price, and a damaged reputation for SAIC after he failed to stop a fraud scandal that overcharged taxpayers hundreds of millions of dollars,” said New Hampshire Democratic Party Chairman Raymond Buckley. “Walt Havenstein's record speaks for itself. When voters learn more at WaltFacts.com, they'll see that his disastrous tenure as CEO took his company in the wrong direction, just like he would take New Hampshire in the wrong direction." 
 
When Havenstein started as CEO, SAIC’s doomed CityTime project for New York City was already hundreds of millions of dollars over budget. Yet he either turned a blind eye or failed to ask the right questions until the company was charged by the authorities with fraud and conspiracy over a year after he started. 
 
The online advertising campaign includes a sixty second ad, “Failed Leadership,” summarizing Havenstein’s record as CEO of SAIC, as well as a new website, WaltFacts.com, with numerous press reports detailing the facts about his failed tenure at the company. 
 
The ad “Failed Leadership” will run on key websites targeted at New Hampshire voters.
 
Watch the ad at WaltFacts.com
 
Below is a transcript of the ad "Failed Leadership”
He comes to our state, says he wants to run it.
So New Hampshire needs to look closely at the resume and record of Walt Havenstien.

As CEO of SAIC, Havenstein made $20 million for himself. [Havenstein's total reported compensation by year was $8,053,810 (2010), $5,153,040 (2011), $5,345,055 (2012) and $1,108,220 (2013). Source: sec.gov]
 
But he LEFT the company struggling under contracting scandals. [Source: Washington Post, November 14, 2011Washington Business Journal, October 21, 2011]  
 
Havenstein's failed strategy and mismanagement cost the company millions [Source: Washington Post, August 30, 2012]
 
-- and he was STILL given a nearly million dollar golden parachute. [Source: Washington Business Journal, February 29, 2012]
 
He failed to stop a fraud scandal that overcharged taxpayers hundreds of millions of dollars. [Source: Bloomberg, March 14, 2012]
 
[Graphic: “SAIC admits that it, ‘… defrauded the city’ into significantly overpaying.” Source: Washington Business Journal, March 14, 2012]
 
The company shed thousands of jobs. [SAIC reported 46,200 employees in 2010. In 2012, SAIC reported 41,100 employees. Source: sec.gov]
 
The stock price plummeted thirty-two percent.  [On September 21, 2009, the beginning of Havenstein’s tenure, the closing stock price was $71.32 per share. On March 1, 2012, Havenstein’s last day as CEO of SAIC, the company’s stock price was $48.64. Source: Google Finance]

And who paid for Walt's troubling record of mismanagement?
 
Taxpayers like you.
 
Walt Havenstein.
 
Failed Leadership
 
Taxpayers ripped off.
 
Jobs lost.
 
And a nearly million dollar golden parachute for himself.
 
That’s his record. Check it yourself at WaltFacts.COM

[Graphic: Paid for by the New Hampshire Democratic Party, Raymond Buckley, Chair]
 

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