- After about a year and a half in the position
- John Ratigan taking over temporarily
- Search for a successor
(exechange) — Melville, New York, March 13, 2024 — Ken Peterman, chief executive of Comtech, leaves his position. As announced by Comtech Telecommunications Corp. in a news release and in a regulatory filing published on Wednesday, March 13, 2024, Ken A. Peterman has left his post as chief executive officer at the technology company, after about a year and a half in the role, effective March 12, 2024.
Comtech will undertake a search for a successor.
Ken Peterman’s duties as CEO will be taken over temporarily by John Ratigan, most recently Chief Corporate Development Officer at Comtech Telecommunications Corp., as interim Chief Executive Officer.
“For conduct”
The management change is explained as follows. Comtech stated: “Mr. Peterman’s termination was for conduct unrelated to Comtech’s business strategy, financial results or previously filed financial statements.”
Precise information regarding Ken Peterman’s future plans was not immediately available.
“Ethical and professional conduct”
“The Board is committed to upholding the highest standards of ethical and professional conduct,” said Mark Quinlan, Chair of the Comtech Board.
“Terminated”
Comtech said: “Mr. Ratigan succeeds Ken Peterman, who has been terminated as President and CEO and will cease to serve on the Board.”
Comtech further said: “On March 12, 2024, the Board of Directors (the “Board of Directors”) of Comtech Telecommunications Corp. (“Comtech” or the “Company”) terminated Ken Peterman as President and Chief Executive Officer of the Company for cause due to conduct unrelated to Comtech’s business strategy, financial results or previously filed financial statements.”
Share price decline since March 2023
The announcement follows a decline in Comtech Telecommunications Corp.’s share price of 65% since March 2023.
In the position of CEO since 2022
Ken Peterman became CEO of the Company in 2022.
Upon termination of his employment, Peterman was deemed to have resigned from his position as Chairman of the Board of Directors and as a director pursuant to his employment contract.
Peterman served as Comtech’s Chairman, President and CEO.
After joining the Board as an independent director in May 2022, Peterman was later elected Chairman, and became President and CEO in August 2022.
As President, Viasat Government Systems (2013-2021), Peterman led a global defense business to greater than $1 billion in annual revenue.
As Founder and CEO of the SpyGlass Group (2012-2022), Peterman led an organization that helped strategically shape aerospace and defense technology trajectories in the mobile networking, cybersecurity and satellite technology sectors.
As President, ITT (and then Exelis) Communications and Electronic Warfare Systems (2007-2013), Peterman led a global defense and aerospace business of greater than $1 billion in annual revenue.
Peterman received a Bachelor of Science in Electrical Engineering (high honors) from Tri-State University (now Trine) and completed executive programs at Stanford University Graduate School of Business and Pennsylvania State University.
No statement by Ken Peterman
The announcement of his departure as CEO does not include a statement by Ken Peterman.
The above text is an excerpt from the exechange report 12.2024 ($), publication date March 18, 2024.