RESTON, Va. - Leidos (NYSE: LDOS), a Fortune 500 company specializing in national security and health solutions, has appointed Thomas J. Downey as the new Executive Vice President and Chief Communications and Marketing Officer. Downey, a seasoned professional with over three decades of experience, will report directly to CEO Tom Bell starting from October 7.
Tom Bell, CEO of Leidos, expressed his enthusiasm for Downey's appointment, citing his professional track record and industry expertise as valuable assets for Leidos's future growth and branding efforts. Downey's role will encompass the leadership of internal and external communications, marketing, and the integration of the government affairs team to align the company's messaging across all platforms.
Downey's career spans 31 years, including a significant tenure as the top communications official at Boeing (NYSE:BA). He has held various roles in communications, community relations, business development, and legislative affairs. His background also includes service as a U.S. Navy Reserve public affairs officer and a Brookings Institution Congressional Fellow.
Leidos, headquartered in Reston, Virginia, operates globally with a workforce of 48,000. The company focuses on delivering technology solutions for heavily regulated industries and reported annual revenues of approximately $15.4 billion for the fiscal year ended December 29, 2023.
The appointment of Downey is part of Leidos's strategy to enhance its brand and market presence while continuing to innovate and provide solutions for its customers. Downey himself expressed honor in joining Leidos, recognizing the company's capable team and significant mission.
This move comes as Leidos continues to navigate the complexities of the national security and health markets, aiming to solidify its position as an innovation leader. The information regarding Downey's appointment is based on a press release statement from Leidos.
In other recent news, Leidos has secured a slew of significant contracts and experienced robust financial performance. The Fortune 500 company was awarded a $51 million contract by the Centers for Disease Control and Prevention to enhance the National Healthcare Safety Network, a critical platform for U.S. healthcare data management. Truist Securities has raised its price target for Leidos, citing potential value from its existing portfolio and opportunities for profit margin expansion through cost optimization strategies.
Leidos reported a 7.7% year-over-year increase in revenue, reaching $4.13 billion, and a significant rise in adjusted EBITDA to $559 million, a 33% increase from the previous year. The company has further secured contracts from the Space Systems Command, the National Institutes of Health, the National Geospatial-Intelligence Agency, and the U.S. Army, contributing to its ongoing success and strategic focus. These developments come amidst recent news of Leidos' continued growth and strategic advancements.
InvestingPro Insights
As Leidos (NYSE: LDOS) welcomes Thomas J. Downey to its executive team, the company's financial metrics and market performance offer additional context to this strategic move. According to InvestingPro data, Leidos boasts a market capitalization of $22.25 billion, reflecting its significant presence in the Professional Services industry. The company's revenue for the last twelve months as of Q2 2024 stood at $16.01 billion, with a notable revenue growth of 7.86% over the same period.
Leidos's strong market position is further underscored by its stock performance. InvestingPro data shows that the company has delivered an impressive 80.37% price total return over the past year, with the stock trading near its 52-week high. This robust performance aligns with the company's efforts to strengthen its leadership team and enhance its market presence.
InvestingPro Tips highlight Leidos's financial stability and growth potential. The company has maintained dividend payments for 13 consecutive years, demonstrating a commitment to shareholder returns. Additionally, net income is expected to grow this year, which could support the company's strategic initiatives under the new leadership.
It's worth noting that Leidos operates with a moderate level of debt, potentially providing financial flexibility as it pursues growth opportunities. The company's strong return over the last decade and five years, as indicated by InvestingPro Tips, suggests a track record of consistent performance that the new executive team can build upon.
For investors seeking a deeper understanding of Leidos's financial health and market position, InvestingPro offers 16 additional tips, providing a comprehensive view of the company's prospects.
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