Carey Smith is Parson Corporation’s President and Chief Operating Officer. In this role, she oversees a workforce of 16,000 employees and guides the company’s strategic direction, expansion efforts, and operational management.
For the sixth time, Smith’s contributions to the government contracting industry have been acknowledged with the Wash100 award. Her continued efforts in driving business growth and integration have earned her this esteemed recognition.
Get to know more about her background, contributions, and achievements.
Carey Smith’s Rise to the Executive Ranks
With over forty years of leadership experience in defense, technology, and related sectors, Carey Smith has cemented her position as a prominent figure in the GovCon industry.
Before joining Parsons, she held several leadership positions in other GovCon organizations. Her career soared at IBM, where she worked as a systems engineer. She also assumed the role of President and CEO of Lockheed Martin’s Canada operations.
Moreover, Smith occupied numerous executive positions throughout her tenure at Honeywell, including the President of the Defense and Space Division, the Vice President of Honeywell Aerospace Customer and Product Support, and the President of Honeywell Technology Solutions, Inc.
Starting at Parsons in 2016 as the President of Federal Solutions, she progressed through the ranks, becoming the Chief Operating Officer in 2018 and then the President and Chief Operating Officer in 2019.
In July 2021, Smith was appointed the President and Chief Executive Officer.
Parsons’ Evolution under Smith’s Leadership
Carey Smith’s ascent to the executive ranks speaks volumes about her expertise and leadership capabilities. Lauded as a leader who focuses on strategy, culture, and people, she embodies the qualities necessary to drive organizational success.
As the CEO, Smith leads Parsons’ global workforce in supporting clients dealing with global infrastructure and national security, including the U.S. Department of Defense and the U.S. Intelligence Community.
The company’s operations are divided into two segments: federal solutions and critical infrastructure. These segments encompass a wide range of crucial areas, such as cybersecurity, missile defense, space technology, transportation systems, water and wastewater management, environmental cleanup, and C5ISR.
With Smith leading its course, Parsons has transformed from primarily offering diverse services into becoming an integrated solutions provider. She has established the company as a leader in the future of national security and critical infrastructure missions.
In essence, her leadership has steered Parsons’ growth into new markets, all while prioritizing technology and people to sustain long-term success in the industry.
Financial Milestones and Expansion Initiatives
Since Carey Smith assumed leadership, Parsons has continuously outperformed industry rivals in organic growth, achieving record-breaking financial performance quarter after quarter. This financial success is attributed to her focus on diversifying Parsons’ portfolio and aligning the company with critical national security and infrastructure needs.
Below are key highlights of the company’s remarkable performance in 2023 under Smith’s guidance.
- Revenue soared to $5.4 billion, marking a staggering 30% total growth, with organic growth reaching an impressive 23%
- Net income surged by 67%, reaching $161 million
- Adjusted EBITDA of $465 million increases 32% year-over-year
- Cash flow from operations increases 72% to $408 million
Under Smith’s visionary leadership, Parsons has achieved remarkable milestones through strategic acquisitions, boosting the firm’s revenue and expanding its market presence. Among the notable companies recently acquired are I.S. Engineers, Sealing Technologies, Inc., IPKeys Power Partners, and IPKeys Cyber Partners.
These acquisitions showcase Parsons’ dedication to growth and innovation for continued success in the field of technology and infrastructure solutions.
Notable Contracts Secured by Parsons
Smith’s vision for Parsons as an advanced solutions integrator has led to the company securing government contracts worth over $100 million. Below are some government contracts awarded to Parsons Corporation during her tenure as the President and CEO.
- One-year, $15.5 million contract to provide system integration and cloud management services for the National Oceanic and Atmospheric Administration’s Traffic Coordination System for Space, or TraCSS, program
- $115 million Department of Labor contract for Job Corps Facilities Program planning, management, and oversight
- Three-year, $44 million contract for U.S. Army housing units in the Kwajalein Atoll in the Republic of the Marshall Islands
- Position on $1 billion NNSA indefinite-delivery, indefinite-quantity contract for counter-nuclear smuggling systems deployment
Wash100 Legacy: Carey Smith’s Continued Recognition
Carey Smith’s contributions to the government contracting sector have earned her multiple Wash100 Awards, a prestigious recognition highlighting influential leaders in the GovCon industry.
Initial Recognition and Early Milestones
In 2017, Smith received her first Wash100 award for her leadership in infrastructure and cyber services as the President of the Federal Group at Parsons. During this period, she led a business unit dedicated to addressing the defense, environmental, infrastructure, security, and intelligence needs of government agencies.
Smith continued to garner recognition in the Wash100 awards in 2018, securing her second consecutive accolade for her role in achieving major contract awards and leading the business expansion efforts of Parsons.
Consecutive Accolades and Consistent Excellence
Carey Smith was honored with her third Wash100 Award in 2021 for her creation of a strategic growth plan for Parsons, leadership in innovative solutions delivery, and provision of technical capabilities in the federal workforce.
Smith’s leadership spurred Parsons’ expansion through key acquisitions and successful contract bids. In appreciation of her contributions, Executive Mosaic awarded her fourth Wash100 Award in 2022. In 2023, Smith earned yet another Wash100 award for her persistent commitment to expanding Parsons through organic channels and strategic mergers and acquisitions.
Finally, for the sixth time, Carey Smith is one of the recipients of the Wash100 Award in 2024 for leading Parsons’ growth and expansion through new business integration and mergers and acquisitions (M&A) opportunities.
Read more: Reigning with Accolades: 5 Women Executives to Follow in 2023
