Mark Quinlan Named Chair of the Board
Comtech (NASDAQ: CMTL) (the “Company”) today announced that its
Board of Directors has appointed John Ratigan, Chief Corporate
Development Officer (“CCDO”), as interim Chief Executive Officer,
effective immediately. Mr. Ratigan succeeds Ken Peterman, who has
been terminated as President and CEO and will cease to serve on the
Board. Mr. Peterman’s termination was for conduct unrelated to
Comtech’s business strategy, financial results or previously filed
financial statements.
Mr. Ratigan, a former Chief Executive Officer, is an
accomplished executive who brings over three decades of experience
and senior leadership expertise across the global satellite
technology sector. He has an extensive background in satellite
communications, as well as a deep familiarity with Comtech, having
spent ten years at EF Data Corp. prior to its acquisition by
Comtech in July 2000, driving significant revenue growth over the
course of his tenure. As CCDO at Comtech, Mr. Ratigan has proven
himself an instrumental member of the executive team, identifying
and optimizing market shifts currently underway and executing on
the Company’s One Comtech strategy.
In addition, the Board has elected current Board member Mark
Quinlan as Chair of the Board.
“The Board is committed to upholding the highest standards of
ethical and professional conduct,” said Mark Quinlan, Chair of the
Comtech Board. “The Comtech Board remains committed to our strategy
and mission of serving the complex and secure connectivity needs of
the government and commercial sectors. We are fortunate to have a
leader of John’s caliber leading Comtech’s talented organization at
this important moment as we continue to deliver mission-critical
solutions to our global customer base. With our commitment to
innovation and competitive market position, Comtech is well
positioned to capitalize on the significant growth opportunities
ahead.”
“As a leading global provider of next-generation 911 systems,
secure wireless technologies and satellite communications, Comtech
is at the forefront of innovative trusted connectivity solutions,”
said Mr. Ratigan. “I look forward to working closely with the
leadership team and the Board as we continue successfully executing
on One Comtech, building on the Company’s recent momentum and
creating value for shareholders, customers, partners, employees and
other stakeholders.”
The Board will initiate a search for a permanent successor and
intends to retain a leading executive search firm to assist in the
process.
The Company expects to report its financial results and file its
Form 10-Q for the quarter ended January 31, 2024, on March 18,
2024.
About John Ratigan
Before joining Comtech in November 2023 as the Company’s first
Chief Corporate Development Officer, Mr. Ratigan served as CEO and
President of iDirect Government, LLC and as an Executive Committee
Member of ST Engineering iDirect, Inc. During his tenure, he grew
iDirect Government to over $100 million in annual revenue and
spearheaded the acquisition of GlowLink Communications
Technologies, Inc. and its unique interference mitigation
technology (CSIR), which helped the company become the largest
provider of Time Division Multiple Access (TDMA) SATCOM
capabilities. Earlier in his career, Mr. Ratigan ran East Coast
operations for Fairchild Data Corporation and EF Data Corp., which
is now a part of Comtech. During his time at EF Data, he was
instrumental in helping the company grow from $20 million to $120
million in revenue in under eight years. Prior to that, Mr. Ratigan
held the position of Senior Vice President of North and South
American sales for the start-up BroadLogic Network Technologies,
Inc. He began his career in the United States Senate working for
Senator Bill Armstrong (R-Colorado) and held multiple sales
positions with the Xerox Corporation as a member of the legal sales
team.
Mr. Ratigan holds a Bachelor of Science in Marketing from the
University of Maryland.
About Comtech
Comtech Telecommunications Corp. (Comtech) is a leading global
technology company providing terrestrial and wireless network
solutions, next-generation 9-1-1 emergency services, satellite and
space communications technologies, and cloud native capabilities to
commercial and government customers around the world. Our unique
culture of innovation and employee empowerment unleashes a
relentless passion for customer success. With multiple facilities
located in technology corridors throughout the United States and
around the world, Comtech leverages our global presence, technology
leadership, and decades of experience to create the world’s most
innovative communications solutions. For more information, please
visit www.comtech.com.
Cautionary Statement Regarding Forward-Looking
Statements
Certain information presented herein contains, and oral
statements made by our representatives from time to time may
contain, forward-looking statements. Forward-looking statements can
be identified by words such as: "anticipate," "believe,"
"continue," "could," "estimate," "expect," "future," "goal,"
"outlook," "intend," "likely," "may," "plan," "potential,"
"predict," "project," "seek," "should," "strategy," "target,"
"will," "would," and similar references to future periods. Examples
of forward-looking statements include, among others, statements we
make regarding our future performance and financial condition,
plans to address our ability to continue as a going concern, plans
and objectives of our management and our assumptions regarding such
future performance, financial condition, and plans and objectives
that involve certain significant known and unknown risks and
uncertainties and other factors not under our control which may
cause our actual results, future performance and financial
condition, and achievement of our plans and objectives of our
management to be materially different from the results, performance
or other expectations implied by these forward-looking statements.
These factors include, among other things: our ability to access
capital and liquidity so that we are able to continue as a going
concern; our ability to successfully implement changes in our
executive leadership; the possibility that the expected synergies
and benefits from acquisitions and or restructuring activities will
not be fully realized, or will not be realized within the
anticipated time periods; the risk that acquired businesses will
not be integrated successfully; the possibility of disruption from
acquisitions or dispositions, making it more difficult to maintain
business and operational relationships or retain key personnel; the
risk that we will be unsuccessful in implementing our "One Comtech"
transformation and integration of individual businesses into two
segments; the risk that we will be unsuccessful in implementing a
tactical shift in our Satellite and Space Communications segment
away from bidding on large commodity service contracts and toward
pursuing contracts for our niche products and solutions with higher
margins; the nature and timing of our receipt of, and our
performance on, new or existing orders that can cause significant
fluctuations in net sales and operating results; the timing and
funding of government contracts; adjustments to gross profits on
long-term contracts; risks associated with international sales;
rapid technological change; evolving industry standards; new
product announcements and enhancements; changing customer demands
and or procurement strategies; changes in prevailing economic and
political conditions, including as a result of Russia's military
incursion into Ukraine, the Israel-Hamas war and escalating attacks
in the Red Sea region; changes in the price of oil in global
markets; changes in prevailing interest rates and foreign currency
exchange rates; risks associated with our legal proceedings,
customer claims for indemnification, and other similar matters;
risks associated with our obligations under our Credit Facility and
our ability to refinance our Credit Facility; risks associated with
our large contracts; risks associated with supply chain
disruptions; and other factors described in this and our other
filings with the Securities and Exchange Commission ("SEC").
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240313012380/en/
Investor Relations Maria Ceriello 631-962-7102
investors@comtech.com
Media Contact Jamie Clegg 480-532-2523
jamie.clegg@comtech.com
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