- Push-out Score determined
- After 46 years in the position
- Accolades, praise and thanks for Kornberg
- Mike Porcelain taking over
- Kornberg kept it short and said 44 words
(exechange) — Melville, New York, October 4, 2021 — Fred Kornberg, chief executive of Comtech, leaves. As announced by Comtech Telecommunications Corp. in a news release on Monday, October 4, 2021, Fred Kornberg leaves his post as chief executive officer at the provider of next-generation 911 emergency systems and secure wireless communications technologies, after 46 years in the role, effective by the end of calendar 2021.
It is the end of an era.
Fred Kornberg’s duties as CEO will be taken over by Michael D. (Mike) Porcelain, currently President and Chief Operating Officer at Comtech Telecommunications Corp.
It is a generational change as well. Mike Porcelain is about 33 years younger than Fred Kornberg.
“Completes the Company’s CEO succession plan”
Fred Kornberg’s departure from the CEO post is explained as follows. Comtech said: “This change completes the Company’s CEO succession plan process initiated by the Board of Directors with its appointment of Mr. Porcelain as Chief Operating Officer in 2018 and President in 2020.”
Precise information regarding Fred Kornberg’s future plans was not immediately available.
Comtech said: “Comtech Telecommunications Corp. (NASDAQ: CMTL), a leading global provider of next-generation 911 emergency systems and secure wireless communications technologies, announced today that its President and Chief Operating Officer Michael Porcelain will become Chief Executive Officer, succeeding Fred Kornberg, by the end of calendar 2021. Mr. Porcelain will also continue as President of Comtech and join its Board of Directors.”
Share price decline since October 2018
The announcement follows a decline in Comtech Telecommunications Corp.’s share price of 26% since October 2018.
In the position of CEO since 1976
Fred Kornberg became CEO of the Company in 1976.
It is anticipated that Kornberg will become an advisor to the Company on technology matters and continue as a director and a non-executive Chairman of the Board.
As a senior technology advisor to the Company, Kornberg would assist with the leadership transition and provide the executive team counsel based on his deep technical expertise.
Kornberg currently serves as Chairman of the Board and Chief Executive Officer.
Prior to that, he was Chief Executive Officer and President of the Company since 1976.
He was the Executive Vice President of the Company from 1971 to 1976 and the General Manager of the telecommunications transmission segment.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Fred Kornberg’s move on a scale of 0 to 10.
exechange reached out to Comtech and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 41.2021 ($).