Coherent Corp. announced today that Dr. Vincent D. Mattera, Jr., will retire as CEO following the commencement of employment of his successor. The company is reaffirming its fiscal 2024 guidance and has initiated a comprehensive executive search process to identify a new CEO.
Dr. Mattera, who has served with Coherent for 20 years, the last eight as CEO, expressed gratitude for the shared accomplishments during his tenure, acknowledging the employees, investors, customers, partners, and leadership team. He also highlighted the company's growth transformation, with annual revenue increasing from $150 million in fiscal 2004 to over $5 billion in fiscal 2023.
"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," Dr. Mattera said. He expressed confidence in Coherent's prospects and the need to transition to the next generation of leadership to execute new value creation opportunities and unlock longer-term profitable growth.
Enrico DiGirolamo, lead independent director, praised Dr. Mattera's contributions, noting his role in driving a over 700% increase in the company’s market capitalization during his tenure. He expressed the board's appreciation for Dr. Mattera's leadership and outlined the importance of a smooth transition.
Amidst these changes, Coherent's shares have moved -5.0%, trading at a price of $56.71.
Looking ahead, Mr. DiGirolamo emphasized the company's focus on finding the right new CEO, supported by seasoned business leaders and the exceptional leadership team, to enhance operating performance and strengthen the financial foundation.
The company's full 8-K submission is available here.
