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IAP Worldwide Services News

Steven F. Gaffney Elected Chairman of the Board of IAP Worldwide Services, Inc.

CAPE CANAVERAL, Fla., May 7 /PRNewswire-USNewswire/ — The Board of Directors of IAP Worldwide Services, Inc. today announced that it has elected Steven F. Gaffney, a senior executive with 25 years of experience in the defense industry, as Chairman of the Board.

"It is an honor to become Chairman of the Board of this great company," Gaffney said. "I am thrilled with the opportunity before us — a global marketplace of customers, a world-class leadership team, and talented employees who have proven successes. IAP is dedicated to providing mission success, which is evident through more than 50 years of service to both government and commercial customers. I could not be more excited."

Gaffney replaces David L. Myers, who will continue to support IAP's newest business segment, Energy and Natural Resource Services, as a consultant. Gaffney also has joined Cerberus Capital, the majority owner of IAP, as an Operations Director, where he will focus on strategic defense and government equity investments for Cerberus as a growing market area.

Gaffney will take over his new duties immediately. As Chairman of the Board, he will work closely with IAP board members, Mike Williams, IAP CEO, and Dave Swindle, IAP President, in devising global growth strategies and assessing strategic acquisitions for IAP.

"Steve is an experienced, talented and visionary leader who has made substantial contributions toward the strong performance of government services and defense businesses at companies where he worked," said Williams. "He will play an active role in continuing to grow IAP's business and adding value to our customers."

Gaffney, 49, spent the last decade in executive positions at ITT Corporation. Since 2005, he served as President of ITT Defense Electronics & Services where he was responsible for the leadership and strategic direction of ITT's $6 billion-a-year global defense business. With operations in over 120 locations in 21 countries and more than 20,000 employees, under Gaffney's leadership, the company grew over 60 percent executing both organic and acquisitive strategies. He was also Senior Vice President of ITT Corporation and member of ITT's Strategic Council.

Earlier at ITT, Gaffney served as President and General Manager, Systems Division from 2003 to 2005, and as Vice President of Operational Excellence at ITT World Headquarters from 2002 to 2003. He was the President and General Manager of the Avionics Division from 2000 to 2002, and he began work with ITT as a Vice President of Program Operations in 1998.

Prior to working at ITT, Gaffney worked for Litton Industries, AlliedSignal and Smith Industries. He graduated from Lafayette College in Easton, Pa., with a bachelor's degree in electrical engineering.

Steve and his wife, Lynn, live in the northern Virginia area with their four children. He will be based at IAP's Arlington, Va., offices.

IAP Worldwide Services is a leading international contractor providing global mission support for commercial industries, the Department of Defense and other U.S. government agencies. IAP, which is privately held, traces its roots back 50 years to Pan Am World Services, Inc., which built and operated America's first space launch complex at Cape Canaveral, Fla.

IAP specializes in four lines of business: global operations and logistics; facilities management and base operations support; professional and technical services; and energy and natural resource services. IAP's corporate headquarters is located in Cape Canaveral, Florida, and the company has project sites in over 100 locations worldwide. IAP's Worldwide Web site can be accessed at www.iapws.com.

SOURCE IAP Worldwide Services

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