Comtech (NASDAQ: CMTL) announced that its Board of Directors has appointed John Ratigan, Chief Corporate Development Officer, as interim Chief Executive Officer, effective immediately. Ratigan succeeds Ken Peterman, who has been terminated as President and CEO and will cease to serve on the Board. Peterman’s termination was for conduct unrelated to Comtech’s business strategy, financial results or previously filed financial statements.
Ratigan, a former Chief Executive Officer, brings over three decades of experience in the global satellite technology sector. He has spent ten years at EF Data Corp. prior to its acquisition by Comtech in July 2000. The Board will initiate a search for a permanent successor and intends to retain a leading executive search firm to assist in the process.
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.”
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