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KBR Announces Segment Realignment and Executive Appointments in Support of Advancing Strategy

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Realigned segments to support continued growth and profitability; Government Solutions segment renamed Mission Technology SolutionsStuart Bradie, President and Chief Executive Officer, appointed Chair Elect and Byron Bright, President, Government Solutions U.S., named Chief Operating Officer, effective May 2025Reiterating 2027 financial targetsHosting a webcast to discuss these updates on January 8, 2025, at 8:30 a.m. EST

HOUSTON, Jan. 7, 2025 /PRNewswire/ — KBR (NYSE: KBR) today announced segment reporting updates and executive appointments focused on advancing the Company’s strategic direction. These updates include changes previously approved by KBR’s Board of Directors and disclosed in a Form 8-K filed on December 19, 2024.

“As KBR continues to scale and expand capabilities, we are realigning our portfolio to streamline operations, reduce complexity, and optimize our processes,” said Stuart Bradie, KBR President and CEO. “During 2024, we eliminated substantial costs and moved necessary support into the segments to enable greater self-sufficiency. We are already seeing the benefits of these initiatives, which have broken down historical silos, created cross-team collaboration, and opened a larger pipeline of opportunities globally. We also effected leadership changes to facilitate continued strong execution and greater value creation. These deliberate moves will ensure that our capabilities and talent are best aligned with our customers, help us remain cost competitive, and accelerate our progress toward achieving our strategic objectives, including maximizing shareholder value.”

Segment Realignment

KBR comprises two operating business segments: Government Solutions (GS) and Sustainable Technology Solutions (STS). As part of the segment realignment, GS has been renamed Mission Technology Solutions (MTS), reflecting KBR’s leading-edge mission critical capabilities spanning space, defense, national security, and its expanding commercial end markets. Sustainable Technology Solutions retains its name. The legacy GS International business unit has been eliminated and its elements integrated into both MTS and STS. Both segments will continue to operate globally, serving government and commercial customers.

The realigned organization is not effective until fiscal year 2025. For investor convenience, selected proforma financial information (under the realigned organization) for the prior 11 reported quarters will be posted on the Investor Relations section of KBR’s website at investors.kbr.com. The fourth quarter of fiscal year 2024 will be added to this supplemental schedule once it is reported in February 2025. KBR’s 2025 Forms 10-Q and Form 10-K will include comparable historical periods and reflect the realigned organization.

Executive Appointments

On December 19, 2024, KBR announced executive appointments in support of advancing its strategic direction:

Byron Bright, currently President, Government Solutions U.S., has been appointed to serve in KBR’s newly created Chief Operating Officer (COO) role, effective May 2025. As COO, he will lead both segments with Jay Ibrahim, President, Sustainable Technology Solutions, reporting to him. Additional Mission Technology Solutions leadership appointments will be made in the coming months.Bright, 50, joined KBR in 2010 and has served in his current position since June 2020. Bright brings extensive operational experience and deep technical expertise, with prior roles in government services and the U.S. Air Force.

Bradie commented, “Byron has demonstrated exceptional leadership in his current role. As COO, he will provide focused operational oversight to ensure that KBR continues to win the right work and deliver value as we execute our strategic initiatives. I am extremely confident in Byron’s ability to consistently deliver results across the enterprise, and I look forward to partnering with him in his new leadership role.”

KBR Chair, General Lester L. Lyles, notified the Board of Directors of his decision to retire from service effective post KBR’s 2025 Annual Meeting of Stockholders. General Lyles has served on the Board since 2007 and as Chair since 2019.The Board appointed Bradie to serve as Chair effective following the 2025 Annual Meeting. An Independent Lead Director will be appointed ahead of the 2025 Annual Meeting.

Bradie commented, “General Lyles has been an invaluable member of our Board and instrumental in guiding KBR’s transformation into a global, diversified technology solutions leader. We are grateful for Les’s leadership and thank him for his 18 years of dedicated service. I am honored to take on the role of Chair and thank the Board for their confidence in me. I look forward to continuing to work with our Board and leadership team to execute our strategy and deliver continued stakeholder value.”

Financial Targets

KBR is reiterating its 2027 financial targets, introduced at its May 2024 Investor Day which are based on 2023 baseline year.

Specifically, the company expects to achieve:

KBR Consolidated: Revenues of $11.5 billion; Adj. EBITDA of $1.15+ billion; Adj. EBITDA Margin of 10% – 11%, and Operating Cash Flow of $700+ millionMTS: Revenue CAGR of 11% – 15% and Adj. EBITDA Margin of 9% – 10%STS: Revenue CAGR of 11% – 15% and Adj. EBITDA Margin of ~20%

Bradie concluded, “The outlook for KBR is exciting and we are well positioned with our unique capabilities and talented teams to capture outsized demand driven by global megatrends. The structural changes communicated today provide us greater strategic flexibility as we continue to build strength and scale across the organization. We remain focused on leveraging our unique ONE KBR capabilities, enabled by our digital accelerators, to deliver best-in-class solutions to our global customers.”

Webcast Information

KBR will host a special webcast to discuss the segment realignment and executive leadership updates on Wednesday, January 8, 2025, at 8:30 a.m. Eastern Time. The conference call will be webcast simultaneously through the Investor Relations section of KBR’s website at investors.kbr.com. A replay of the webcast will be available on our website or by telephone at +1.866.813.9403, passcode: 639026.

About KBR

We deliver science, technology and engineering solutions to governments and companies around the world. KBR employs approximately 37,000 people worldwide with customers in more than 80 countries and operations in over 30 countries.

KBR is proud to work with its customers across the globe to provide technology, value-added services, and long-term operations and maintenance services to ensure consistent delivery with predictable results. At KBR, We Deliver.

Visit www.kbr.com

Forward Looking Statements

The statements in this press release that are not historical statements, including statements regarding our plans, objectives, goals, strategies, investments, capital deployment, future financial performance, 2024-2027 financial targets, expected returns, cost reductions and future events, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks, uncertainties and assumptions, many of which are beyond the company’s control, that could cause actual results to differ materially from the results expressed or implied by the statements. These risks, uncertainties and assumptions include, but are not limited to, those set forth in the company’s most recently filed annual Report on Form 10-K, any subsequent Form 10-Qs and 8-Ks and other U.S. Securities and Exchange Commission filings, which discuss some of the important risks, uncertainties and assumptions that the company has identified that may affect its business, results of operations and financial condition. Due to such risks, uncertainties and assumptions, you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Except as required by law, the company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

 

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SOURCE KBR, Inc.

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11:11 Systems Announces Strategic Partnership with Cato Networks to Deliver SASE Solution for Distributed Enterprises

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New Managed Secure Access Service Edge (SASE) solution combines SD-WAN, cloud-native networking and security capabilities with 11:11’s connectivity, cyber resilience and cloud expertise

SYDNEY, July 22, 2026 /PRNewswire/ — 11:11 Systems, a leading managed infrastructure solutions provider, today announced the global availability of its 11:11 Managed Secure Access Service Edge (SASE) solution and a new strategic partnership with Cato Networks.

11:11 Managed SASE is a fully managed secure connectivity solution leveraging Cato Networks AI-native network security platform. This solution brings together intelligent SD-WAN, cloud-delivered security and global connectivity into a single offering. It enables organisations to simplify and secure access across branch offices, data centres, users and cloud environments, reducing complexity without sacrificing performance or control.

Built on the Cato Networks cloud-native SASE platform, 11:11 Managed SASE combines zero trust network access (ZTNA), firewall as a service (FWaaS), secure web gateway (SWG), cloud access security broker (CASB), advanced threat protection and centralised visibility into a unified managed experience. 11:11 also delivers 24x7x365 monitoring and support, incident management integration and operational accountability to help customers limit vendor sprawl, increase agility and free internal teams to focus on higher-value priorities.

The offering is backed by 11:11’s broader networking, cloud and cyber resilience capabilities. Through its global backbone, carrier-agnostic connectivity options and integrated portfolio spanning cloud, backup, disaster recovery and security services, 11:11 gives customers a practical path to modernise network and security architecture while strengthening resilience across the business.

“Enterprises are under pressure to support users, applications and locations that are more distributed than ever, while limiting complexity and improving security,” said Justin Giardina, CTO, 11:11 Systems. “Our Managed SASE solution provides customers with a unified approach to modernising networking and security, along with the visibility, support and flexibility they need to thrive in a rapidly changing environment.”

According to Karl Soderlund, global channel chief, Cato Networks, “As enterprises move beyond fragmented legacy networking and security stacks, they need a simpler way to gain visibility, context and control across hybrid work environments and reduce the operational burden on IT. Through our partnership, we can address these challenges head on and deliver end-to-end visibility and protection in a single service built for the reality of modern work.”

The joint offering is well suited for distributed enterprises, multi-site organisations, hybrid workforce initiatives, SD-WAN refreshes, security modernisation efforts and businesses with limited IT resources. 11:11 meets customers where they are by supporting existing environments, simplifying multi-vendor operations and serving as a single provider accountable for network, security, cloud and data integration.

This partnership expands 11:11’s Network as a Service portfolio and follows Forrester’s inclusion of 11:11 Systems in its report, “The Secure Access Service Edge Services Landscape, Q1 2026.”

About 11:11 Systems

11:11 Systems is a managed infrastructure solutions provider that empowers customers to modernise, protect and manage mission-critical applications and data, leveraging 11:11’s resilient cloud platform. Learn more at www.1111Systems.com and follow 11:11 on LinkedIn.

View original content:https://www.prnewswire.com/apac/news-releases/1111-systems-announces-strategic-partnership-with-cato-networks-to-deliver-sase-solution-for-distributed-enterprises-302830322.html

SOURCE 11:11 Systems

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Crowell & Moring Expands Financial Services Group with Former UBS Bank USA General Counsel Cristina Diaz

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NEW YORK, July 21, 2026 /PRNewswire/ — Crowell & Moring has added Cristina Diaz, former executive director and general counsel of UBS Bank USA, and most recently head of legal for UBS’s U.S. Remediation Management Office, to the firm’s Financial Services Group as senior counsel in New York. Diaz brings more than two decades of in-house counsel and law firm experience in bank regulation, compliance, and risk management.

At Crowell, Diaz will counsel banks, fintechs, and digital assets companies on a broad range of bank regulatory matters, including charters and licensing, permissible activities, capital requirements, regulatory enforcement, M&A, and corporate governance. She will also counsel clients navigating the intersection of traditional banking and emerging financial services, including digital assets companies seeking to acquire or establish national banks, and banks exploring partnerships with fintechs and digital assets firms.

At UBS, Diaz advised on the firm’s most pressing regulatory matters, including most recently UBS Bank USA’s charter conversion from a Utah industrial bank to an OCC national bank and key compliance remediations. This work gave Diaz extensive experience navigating relationships with state and federal financial regulators. Earlier in her career, Diaz spent eight years at Davis Polk & Wardwell advising U.S. and foreign banks on bank regulatory matters, M&A, and capital markets transactions.

“Cristina is a highly experienced, solution-oriented attorney who brings deep knowledge in the bank regulatory space. She will be an enormous asset to the firm’s growing regulatory and transactional offerings to banks, digital assets businesses, and fintechs,” said Carlton Greene, Co-Chair of Crowell’s Financial Services Group.

“I am delighted to join Crowell & Moring and integrate my bank regulatory experience with the firm’s nationally-recognized digital assets practice. As traditional banking and emerging financial technologies continue to evolve, clients need actionable and sophisticated legal counsel. Crowell offers the collaborative platform to help institutions successfully execute their growth and compliance strategies,” said Diaz.

Diaz received her J.D. from New York University School of Law, where she was a member of the New York University Law Review, and received her B.A., summa cum laude, from New York University. She is fluent in Spanish.

About Crowell & Moring LLP
Crowell & Moring is an international law firm with operations in the United States, Europe, and MENA. Drawing on significant government, business, industry, and legal experience, the firm helps clients capitalize on opportunities and provides creative solutions to complex regulatory and policy, litigation, transactional, and intellectual property issues. The firm is consistently recognized for its commitment to pro bono service, as well as its comprehensive programs and initiatives to advance the professional and personal development of all members of the Crowell community.

Media Contact:
Email: prteam@crowell.com

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Quantinuum and SoftBank Corp. Publish Joint White Paper on Scaling Practical Quantum Computing Use Cases Toward the Fault-Tolerant Era

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The companies have published a joint white paper mapping commercially relevant quantum computing use cases in quantum chemistry and graph analytics to Quantinuum’s hardware roadmap.The paper provides a framework for assessing how advances in quantum hardware and algorithms, could affect when practical industrial applications become feasible.SoftBank Corp. and Quantinuum will use the roadmap to inform their exploration of future quantum AI data center services and related business models.

TOKYO and BROOMFIELD, Colo., July 22, 2026 /PRNewswire/ — Quantinuum (NASDAQ: QNT) and SoftBank Corp. (“SoftBank”) today announced the publication of “Quantum Computing Frontiers,” a joint white paper that maps two commercially-relevant quantum computing application areas against Quantinuum’s hardware roadmap. The analysis examines how advances in quantum hardware and algorithms could affect when these applications become practical for industrial use.

The paper focuses on two representative application domains that SoftBank is actively using Quantinuum’s systems to research: quantum chemistry for new materials discovery and energy research, and topological data analysis for large-scale graph analytics, including for telecommunications fraud detection. The authors anchor their assessment of the scalability of these two application areas against Quantinuum’s published hardware roadmap, examining how projected advances in hardware capabilities and algorithms may enable the commercial readiness of future industrial applications.

Building on this use-case roadmap, the paper also examines how quantum computing, AI, and high-performance computing could be integrated into future computing infrastructure. It considers how progress across successive hardware generations could inform future quantum AI data center services and related business models, a key focus of the Quantinuum and SoftBank partnership announced last year.

“The key takeaway of this study is that organizations do not need to wait for large-scale, fault-tolerant systems to explore where quantum computing can begin creating value,” said Duncan Jones, General Manager, Applications Group at Quantinuum. “By using today’s systems to develop, benchmark and refine applications in areas such as quantum chemistry and graph analytics, enterprises can build the technical and operational readiness needed for the next era of quantum-enabled computing.”

“The question is no longer whether quantum computing may deliver value, but rather which problem classes become executable at which stage of hardware maturity,” said Ryuji Wakikawa, Senior Vice President & CTO at SoftBank Corp. “However, we believe progress in hardware must be complemented by equally strong developments in quantum algorithms and the integration of quantum systems with AI and high-performance computing.”

The white paper discusses illustrative scenarios describing how representative applications, technology maturity, and potential market opportunities may evolve over time under stated assumptions. The analysis provided in the paper is intended to provide a conceptual framework for understanding potential market evolution and does not represent financial guidance or forecasts. These analyses are intended to support discussion of future technology development and should not be interpreted as commitments regarding commercialization, infrastructure investment, products, services, or financial performance.

The full white paper is available to download on the SoftBank and Quantinuum websites.

About SoftBank Corp.

Guided by the SoftBank Group’s corporate philosophy, “Information Revolution – Happiness for everyone,” SoftBank Corp. (TOKYO: 9434) operates telecommunications and IT businesses in Japan and globally. Building on its strong business foundation, SoftBank Corp. is aiming to activate the potential of AI across its businesses and drive implementation in line with its “Activate AI for Society” growth strategy. While further growing its telecom business, SoftBank is expanding its AI computing infrastructure and AI and Cloud service businesses with the aim of becoming a provider of Next-generation Social Infrastructure. To learn more, please visit https://www.softbank.jp/en/corp/

About Quantinuum

Quantinuum (NASDAQ: QNT) is a leading quantum computing company offering a full-stack platform designed to make quantum computing deployable in real-world environments. The company has commercially deployed multiple generations of quantum systems built on the well-established QCCD architecture, which it has implemented with novel designs and capabilities to achieve the industry’s highest accuracy levels based on average two-qubit gate fidelity.[1] Quantinuum has active engagements with market leaders across pharmaceuticals, material science, financial services, and government and industrial markets. The company has a global workforce of approximately 700 employees, including top scientists and researchers. Over 70% of its technology team holds PhDs or Master’s degrees. Quantinuum’s headquarters is in Broomfield, Colorado, with additional facilities across the United States, United Kingdom, Germany, Japan, Qatar, and Singapore.

For more information, please visit www.quantinuum.com.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains certain statements that may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. The words “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” the negative version of these words, or similar terms and phrases are intended to identify forward-looking statements. Such statements are based on certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. New factors emerge from time to time, and it is not possible for Quantinuum to predict all such factors. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Quantinuum does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

 

[1] As of December 31, 2025.

SOURCE Quantinuum

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