Another executive out at DynCorp as president announces retirement
Chris Bernardt is retiring effective Oct. 2, confirmed a spokeswoman. His departure will come after only a year with the company, having joined in October 2013 from Synergy Dynamics International Inc., where he was CEO.
The exit also comes at a precarious time for DynCorp. The company is still trying to identify a permanent CEO after chief executive S. Gordon Walsh left in August — three weeks into the job. To explain that departure, DynCorp pointed to the fraud investigation of his former employer, L-3 Communications Holdings Inc., as a distraction. Walsh had been named CEO in July, without any mention of why his predecessor, Steve Gaffney, left without warning after four years on the job.
Beyond changes at the top, DynCorp is currently facing challenging times financially. It reported a 33 percent dip in sales to $591 million during its most recent quarter, and an expected 30 percent drop in sales for fiscal 2014. The dismal earnings have caused DynCorp to come dangerously close to violating performance covenants with lenders, which are working with the company to restructure loan conditions for more flexibility, said interim CEO Jim Geisler during an August call with investors.
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