Business Context and Reporting Period
This Form 8-K Current Report was filed by Science Applications International Corporation (SAIC) on June 29, 2021. The filing reports a corporate governance event: the appointment of a new member to the Board of Directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Board Expansion: The size of the Board of Directors was increased from ten to eleven members.
- New Appointment: Milford W. McGuirt was appointed as a director, effective July 1, 2021, serving until the 2022 Annual Meeting.
- Committee Assignments: Mr. McGuirt was immediately assigned to the Audit Committee and the Nominating and Corporate Governance Committee.
Guidance, Outlook, and Management Commentary
Management Commentary: The filing highlights Mr. McGuirt's background, noting his 33-year career at KPMG where he served as Managing Partner of the Atlanta office and National Audit Sector Leader. He retired from KPMG in September 2019.
Compensation: Mr. McGuirt will receive standard annual cash and equity compensation for non-employee directors, pro-rated until the 2022 Annual Meeting. He is eligible to participate in the Deferred Compensation Plan.
Risks and Contingencies: The filing states there are no arrangements or understandings regarding his selection and no reportable relationships or related transactions under Item 404(a) of Regulation S-K.
Investor Verification Checklist
- Verify the effective date of the new director's term (July 1, 2021).
- Confirm the new total size of the Board of Directors (11 members).
- Review the specific committee assignments for the new director (Audit and Nominating/Corporate Governance).
- Check for any subsequent filings regarding the 2022 Annual Meeting to confirm the term expiration.