Comtech Appoints John Ratigan as Interim Chief Executive Officer

Rhea-AI Summary

Comtech (CMTL) appoints John Ratigan as interim CEO, succeeding terminated Ken Peterman. Mark Quinlan named Chair of the Board. Ratigan brings extensive satellite technology experience and aims to continue delivering mission-critical solutions. The Board plans to search for a permanent CEO.

Mark Quinlan Named Chair of the Board

MELVILLE, N.Y.--(BUSINESS WIRE)-- 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

Source: Comtech Telecommunications Corp.

FAQ

Who has been appointed as the interim Chief Executive Officer of Comtech?

John Ratigan has been appointed as the interim Chief Executive Officer of Comtech.

Why was Ken Peterman terminated as President and CEO of Comtech?

Ken Peterman was terminated for conduct unrelated to Comtech’s business strategy, financial results, or previously filed financial statements.

What is John Ratigan's background in the satellite technology sector?

John Ratigan brings over three decades of experience and senior leadership expertise in the global satellite technology sector.

Who has been appointed as the Chair of the Board at Comtech?

Mark Quinlan has been appointed as the Chair of the Board at Comtech.

When is Comtech expected to report its financial results for the quarter ended January 31, 2024?

Comtech is expected to report its financial results and file its Form 10-Q on March 18, 2024.