Harris Corporation has named John Heller president of its IT services business, reporting to Chief Operating Officer Daniel R. Pearson.
“John brings the breadth and depth of experience vital to continuing the stellar growth trajectory of this business,” Pearson said. “His leadership will further enrich Harris IT services’ reputation for optimal delivery of innovative solutions that advance our customers’ missions.”
Since joining Harris in 2007 with the acquisition of Multimax, Inc., Heller has served as vice president and general manager of IT services’ Department of Defense Programs. He succeeds Ted Hengst, who recently was named vice president and chief information officer for Harris.
In his new role, Heller will lead all aspects of the business, including partnering with cross-divisional operational leadership, key staff members, and customers to shape growth strategies and advance innovation in the global delivery of mission-enabling IT transformation, managed solutions and information assurance.
Heller brings more than 25 years of IT leadership experience with previously held positions such as president and COO of Multimax, Inc.; president and chief executive officer of Netco Government Services; and president and CEO of Rentport, Inc. Earlier in his career, he also served as principal for TenX Capital Management, and held senior management positions with Answerthink Consulting and Deloitte & Touche Consulting.
By Sabrina Willmer
The New Jersey Division of Investment took a break from private equity allocations after the financial crisis hit. The recipient of its first PE commitment in two years isn’t a household name, but its principals are veterans of giants like Cerberus Capital Management LP and General Electric Co.
The pension fund has committed $50 million to Tenex Capital Management, a Cerberus spinout which is targeting $425 million for its fund, according to the pension system’s fund review memo.
The fund executes a turnaround strategy on underperforming midmarket companies. It looks at companies with over $200 million in revenue, according to Tenex’s website. In 2009, trucking company YRC Worldwide hired Tenex Capital to advise YRC on its restructuring.
The firm is led by Chief Executive and Managing Director Michael Green, who served as a senior member of the investment team at Cerberus from 2004 to 2009. He was the General Partner of TenX Capital Partners from 1999 to 2004, and joined Cerberus in 2004 when Cerberus bought certain portfolio investments from TenX.
Meanwhile, New Jersey received substantially more capital calls than distributions during October, when it funded about $127.2 million in private equity and real estate commitments and received about $46.1 million from general partners.
Private equity took up 6.42% of the total $70.96 billion portfolio, above the 5.5% target, as of Oct. 31.
The New Jersey State Investment Council recently approved rules to increase the pension fund’s upper limit on alternatives overall to 38% from 28% as well as give private equity an upper limit of 12% up from 7%. The proposal will go through a comment period after which the Council will vote on whether to adopt the measure.
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