• After around seven years in the position
• Accolades, praise and thanks for Mattera
• Search for a successor
• Mattera made a lengthy statement and said 249 words

(exechange) — Pittsburgh, Pennsylvania, February 20, 2024 — This news came shortly after Presidents’ Day. Chuck Mattera, chief executive of Coherent, is set to leave his position. As announced by Coherent Corp. in a news release and in a regulatory filing published on Tuesday, February 20, 2024, Vincent D. (Chuck) Mattera will leave his post as chief executive officer at the specialist in materials, networking, and lasers, after around seven years in the role, effective following the appointment of his successor or otherwise at the end of calendar 2024.

Coherent will undertake a search for a successor.

“Now is the right time”

The planned management change is explained as follows. Mattera stated: “With Coherent on a clear path to improved margins and continued profitable growth, its track record of product leadership, customer intimacy, operational excellence, and the unstoppable imagination of our world-class people, I believe that now is the right time to look toward the next chapter of the Company’s transformation.”

Precise information regarding Chuck Mattera’s future plans was not immediately available.

“Retire”

Coherent said: “Dr. Vincent (“Chuck”) D. Mattera, Jr., has informed the Coherent Board of Directors (“the Board”) of his intent to retire as CEO following the commencement of employment of his successor.”

Coherent further said: “On February 17, 2024, Dr. Vincent D. Mattera, Jr., the Chief Executive Officer (“CEO”) of Coherent Corp. (the “Company”), informed the Company’s Board of Directors (the “Board”) of his intent to retire as CEO following the appointment of his successor or otherwise at the end of calendar 2024.”

“Does not reflect a dispute or disagreement”

Coherent stated, regarding the change: “Dr. Mattera’s intention to retire does not reflect a dispute or disagreement with the Company.”

Share price decline since February 2021

The announcement follows a decline in Coherent Corp.’s share price of 32% since February 2021.

In the position of CEO since 2016

Chuck Mattera became CEO of the Company in 2016.

Mattera initially served as a member of the Coherent Board from 2000 until 2002.

Mattera joined the Company as Vice President in 2004, and served as Executive Vice President from January 2010 to November 2013, when he became Chief Operating Officer.

He was re-appointed to the Board in 2012. In November 2014, Mattera became the President and Chief Operating Officer.

In September 2016, Mattera became the Company’s third President and Chief Executive Officer in 45 years and served as the Company’s President through June 2019, when the roles of President and Chief Executive Officer were separated.

Mattera became the Company’s Board Chair immediately following the 2021 Annual Meeting. During his career at Coherent he has assumed successively broader management roles, including as a lead architect of the Company’s growth and diversification strategies.

The platforms that the Company has added under his leadership have contributed to positioning the Company into large and transformative global growth markets while increasing the Company’s global reach, deepening the Company’s technology and IP portfolio, broadening the Company’s product roadmap and customer base, and increasing the potential of the Company.

Prior to joining the Company as an executive, Mattera had a continuous 20-year career in the Optoelectronic Device Division of AT&T Bell Laboratories, Lucent Technologies and Agere Systems, during which he led the development and manufacturing of semiconductor laser-based materials and devices for optical and data communications networks.

Mattera has 37 years of leadership experience in the compound semiconductor materials and device technology, operations and markets that are core to the Company’s business and strategy.

Mattera holds a B.S. degree in chemistry from the University of Rhode Island (1979), and a Ph.D. in chemistry from Brown University (1984).

He completed the Stanford University Executive Program in 1996.

249 words by Chuck Mattera

In the release announcing his planned departure as CEO of Coherent Corp., Chuck Mattera received accolades, praise and thanks.

In announcing his departure, Chuck Mattera made a lengthy statement and said 249 words.

“Rewarding and impactful”

Chuck Mattera stated: “Leading this 53-year-old company through its multi-decade growth transformation has been an incredible privilege. I want to acknowledge and deeply thank our employees, investors, customers, partners, and especially our Leadership Team, as well as my fellow Board members, for our shared accomplishments and for helping make my years at Coherent so rewarding and impactful. Since the strategic combination of II-VI and Coherent two years ago, I am most proud of the tremendous progress we have made to integrate our two organizations, optimize synergies, and place the Company in an advantaged position for accelerated growth. With Coherent on a clear path to improved margins and continued profitable growth, its track record of product leadership, customer intimacy, operational excellence, and the unstoppable imagination of our world-class people, I believe that now is the right time to look toward the next chapter of the Company’s transformation. I have never been more excited about Coherent’s prospects and look forward to transitioning to the next generation of leadership to execute new value creation opportunities and continue to unlock longer-term profitable growth. I am confident that Coherent’s extraordinary track record of financial and operational excellence, and its broad and deep foundation in materials, networking, and lasers, will pave the way for our sustained success. The future of Coherent is bright, and I am pleased to continue to play a role in delivering on our near-term strategic priorities and driving the seamless execution of our leadership succession plan, with the support and involvement of the Board.”

The above text is an excerpt from the exechange report 9.2024 ($), publication date February 26, 2024.