By Calvin Biesecker
ManTech International [MANT] yesterday said that Larry Prior, who is currently the chief operating officer (COO) at SAIC [SAI], will be joining the company in July as president and COO.
Prior, who has been with SAIC since 2004 and served as that company’s COO since October 2007, may be in line to be the next CEO of ManTech. Stephens Inc. analyst Tim Quillin in a note to clients yesterday said that in a recent meeting with George Pedersen, ManTech’s chairman and CEO, Pedersen said he expected the company’s new COO would become CEO. Quillin believes that Pedersen plans to step down as CEO, possibly within a year or two at most.
Quillin said the arrival of Prior at ManTech is a “major coup” for the company, and he upgraded the company’s stock from a hold to a buy on the news. Quillin, who has been cautious on ManTech’s stock for various reasons related to the sustainability of some of its work and difficulty tracking its classified programs, said he has liked the company’s management and long-term prospects.
“We have known Mr. Prior since before SAIC’s IPO (initial public offering) and have been impressed with his management skills, understanding of the intelligence community and long track record of success in the military, government and private industry,” Quillin said. “The shares of MANT fell more than 10 percent in March on the news that then COO Bob Coleman was leaving the company. We respected and admired Mr. Coleman, but think Larry Prior might even be considered an upgrade.”
Quillin said he thought that Coleman’s departure would slow ManTech’s growth in the intelligence community. Now expects Prior to be able to “drive continued growth in this area.”
Prior will also become a member of ManTech’s board of directors. Before being named COO at SAIC, Prior was president of SAIC’s Intelligence, Security and Technology Group from 2004 until 2007. Prior earlier in his career was a professional staff member on the House Permanent Select Committee on Intelligence and was an intelligence officer in the Marine Corps. Prior’s last day at SAIC is June 12.
ManTech’s stock yesterday rose on the management announcement, closing at $42.11, up $2.77 or 7 percent.