- Push-out Score determined
- After less than one year in the position
- Praise and thanks for Porcelain
- Ken Peterman taking over
- Porcelain said 99 words
(exechange) — Melville, New York, August 10, 2022 — Mike Porcelain, chief executive of Comtech, leaves — as “mutually agreed.” As announced by Comtech Telecommunications Corp. in a news release and in a regulatory filing published on Wednesday, August 10, 2022, Michael D. (Mike) Porcelain leaves his post as chief executive officer at the provider of next-generation 911 emergency systems, after less than one year in the role, effective immediately.
Mike Porcelain’s duties as CEO will be taken over by Ken Peterman, currently Chairman at Comtech Telecommunications Corp.
“Accelerate Comtech’s ongoing transformation”
Comtech did not give an explicit reason for Mike Porcelain’s departure from the CEO post. Lead Independent Director Lawrence Waldman said: “Based on the Board’s extensive interactions with Ken since the beginning of 2022, we are confident Ken is the right leader to accelerate Comtech’s ongoing transformation.”
Precise information regarding Mike Porcelain’s future plans was not immediately available.
Comtech said: “Comtech Telecommunications Corp. (NASDAQ: CMTL) today announced that its Board of Directors has appointed Chairman Ken Peterman President and Chief Executive Officer, succeeding Michael Porcelain effective immediately. Mr. Porcelain has also resigned from Comtech’s Board of Directors. Mr. Porcelain will be available to assist in the transition as needed.”
Comtech further said: “On August 10, 2022, Comtech Telecommunications Corp. (the “Company”) announced the mutually agreed separation of Michael Porcelain as President and Chief Executive Officer (the “CEO”) and member of the Board of Directors (the “Board”), effective immediately.”
Share price decline since January 2022
The announcement follows a decline in Comtech Telecommunications Corp.’s share price of 54% since January 2022.
In the position of CEO since 2021
Mike Porcelain became CEO of the Company in 2021.
Michael Porcelain has been appointed Chief Executive Officer, effective December 31, 2021, and a member of the Board of Directors, effective January 3, 2022.
Porcelain has served as President since January 2020 and as Chief Operating Officer of Comtech since October 2018.
He previously served as the Company’s Chief Financial Officer from 2006 to 2018, and as Vice President of Finance and Internal Audit of Comtech from 2002 to 2006.
Prior to joining Comtech, Porcelain was Director of Corporate Profit and Business Planning for Symbol Technologies (subsequently acquired by Motorola Technologies, Inc.), a mobile wireless information solutions company, where he was employed from 1998 to 2002.
Previously, he spent five years in public accounting holding various positions, including Manager in the Transaction Advisory Services Group of PricewaterhouseCoopers.
Since 1998, he has owned and operated The Independent Adviser Corporation, a privately held company which holds the rights to use certain intellectual properties and trademarks (including various Internet websites) related to the financial planning and advisory industry.
Porcelain is on the Board of Directors of Air Industries Group, a New York Stock Exchange listed company and a U.S. defense contractor, and serves as the Chairman of its Audit Committee. Porcelain is also a Member of the Board of Directors of the Fund for Modern Courts, an independent organization that promotes reform and equal justice in the New York Court system.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Mike Porcelain’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 33.2022 ($).