After more than 20 years at the executive helm of public sector-focused solution provider ManTech International, CEO George Pedersen is stepping aside to take a less active role with the company he co-founded in 1968.
In changes announced Wednesday, Pedersen will assume the new position of executive chairman on Jan. 1, 2018, at which point ManTech President and COO Kevin Phillips will succeed him as CEO. Phillips has been with the Herndon, Va.-based company – No. 31 on the CRN Solution Provider 500 – since August 2005, when he began an 11-year stint as CFO.
Pedersen, appointed CEO in 1995, will "continue to guide" ManTech's overall direction and mergers and acquisition strategy as executive chairman. He also plans to continue as chairman of the board of directors, on which Phillips will now also hold a seat.
"He brings the expertise, vision, and integrity we need for the continued growth and success of ManTech as it enters its fiftieth year," Pedersen said of Phillips in a statement. "The success ManTech has enjoyed over this last year under Kevin's stewardship is what I envisioned when we promoted him to the role of President in 2016."
ManTech stock has risen nearly 24 percent over the past 12 months, and was trading up $1.96 (3.92%) to $51.87 on Wednesday morning. In the last year, the solution provider acquired DevOps and IT modernization expert InfoZen for $180 million, as well as 250-person healthcare solution provider Edaptive Systems, which provides IT systems for federal health agencies including the Centers for Medicare & Medicaid Services.
Phillips expressed gratitude for the opportunity to expand upon the successes of his predecessor.
"It has been my privilege over the years to learn from one of the very best executives in our industry – a leader who helped establish a government services industry – that today is capable of supporting the increasing needs of our federal government customers," Phillips said in a statement.
The company could not immediately be reached for additional comment.
Traded publicly since 2002, when the company was a $400 million solution provider, ManTech now boasts a market cap of $2.02 billion and employs more than 7,000. Pedersen has garnered numerous awards in light of that success, including the Lifetime Achievement Award from the Association for Corporate Growth National Capital Chapter.
A heavyweight in the government services space, ManTech specializes in cybersecurity, systems engineering, global logistics and IT services.