Fannie Mae Executives to Start REIT
Andrew McCormick, Fannie Mae's senior vice president of portfolio management, is leaving the company this week to start a real estate investment trust, a company spokeswoman said.
McCormick, who ran the $808 billion portfolio under executive vice president Peter Niculescu, will start the REIT with Darren Thompson, who is leaving his post as Fannie Mae's interim head of credit finance, spokeswoman Janis Smith said.
Andrew J. Bon Salle and Ramon R. DeCastro will take over for McCormick, Smith said.
Northrop Awarded Air Force Telecom Deal
Northrop Grumman Information Technology of McLean was awarded a $19 million contract to integrate the Air Force's telephone and network operations. Northrop, a division of the Los Angeles-based defense contractor, will use off-the-shelf equipment to build a telecommunications management system for 100 Air Force locations. Verizon Communications will be among Northrop's subcontractors.
SYColeman Wins Military Work
Arlington-based SYColeman will provide strategic communications support for Army headquarters offices under a seven-year, $71 million contract, according to its parent, L-3 Communications Holdings.
SYColeman is a missile defense product and service supplier, which was formed in 2003 with the merger of SY Technology and Coleman Research.
The subsidiary also received a weapons system simulation support contract from the Air Force Research Laboratory Munitions Directorate for up to 10 years and $49.7 million, L-3 said.
General Dynamics to Build PDA Phone
General Dynamics of Falls Church has been awarded an $18 million contract by the National Security Agency to develop a highly secure version of a mobile phone combined with a personal digital assistant.
"The Secure PDA Phone will provide secure voice and data communications, including e-mail, Web access, and file viewing," the company said in a statement, and will operate over conventional cellular networks.
The device will be developed by General Dynamics C4 Systems of Scottsdale, Ariz.
Performance Food Buys Back Shares
Performance Food Group of Richmond said it bought back 10,071,164 shares of its common stock at a price of $29.75 a share.
The food distribution company's stock was repurchased in a modified "Dutch auction" tender offer used to determine the price at which there was a sufficient supply of the shares.
Compiled from staff and news service reports.