CACI President and CEO Kenneth Asbury said Tuesday that he will be resigning at the end of the month, and the company said it has already named his replacement to “ensure a smooth transition.”
Asbury, who has been president and CEO of the the Arlington, Va.-based company since February 2013, told the company his last day will be June 30. After that, he will take on the role of special adviser to the executive chairman of the board.
Replacing Asbury is John Mengucci, the company's current chief operating officer. The company said that effective July 1, Mengucci will take over as president and CEO and will be appointed to CACI’s board of directors.
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“Mengucci, 56, joined the Company in February 2012 as Chief Operating Officer for U.S. Operations and has served as the Company’s Chief Operating Officer since July 2012,” the company stated in an 8-K filing. “Prior to joining the Company, Mr. Mengucci served as President of Lockheed Martin Corporation’s Information Systems and Global Solutions-Civil Product Line from 2010 through 2012 and President of Lockheed Martin Corporation’s Information Systems and Global Solutions-Defense Line from 2007 through 2010.”
CACI, No. 20 on CRN’s 2019 Solution Provider 500, said Mengucci will receive a base salary of $950,000 and an incentive bonus target, which is based upon achievement of company profitability, revenue and other operational goals, of $1,275,000.
Asbury is leaving the company on a high note. During CACI’s most recent earnings call in May, it posted quarterly revenue that was up 12. 5 percent year over year from $1.12 billion to $1.26 billion, and record contract awards during the quarter of $2.7 billion, up 95 percent year over year.
“What's most exciting to me is the type and size of business we are winning,” Asbury said during the earnings call. “The team is successfully executing our strategy to pursue larger, higher-value solution business across all 12 of our markets. They are intensely focused on and investing more in every contract opportunity that we pursue, and as a result, we are bidding less contracts while winning a higher percentage of the contracts we bid.”
CACI's big contracts supporting war-related activities faced challenges in 2014 and 2015 as the U.S. military fundamentally exited Iraq and wound down operations in Afghanistan to a steady state, Asbury had previously said.
But the company’s defense contract awards rebounded late in President Obama’s term and increased further under President Trump.
Asbury joined CACI from Arctic Slope Regional Corporation-Federal, where he was president and CEO. Prior to that, Asbury built a track record of superior enterprise growth and customer value at Lockheed Martin, CACI said on its corporate leadership page.
Meanwhile, CACI board member James Gilmore announced his resignation as well. He was nominated by Trump, and confirmed by the U.S. Senate to be the permanent representative to the organization for security and cooperation in Europe.
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