Coherent Corp. (the “Company” or “Coherent”) (NYSE: COHR), a global
leader in materials, networking, and lasers, today announced that
Dr. Vincent (“Chuck”) D. Mattera, Jr., has informed the Coherent
Board of Directors (“the Board”) of his intent to retire as CEO
following the commencement of employment of his successor. Dr.
Mattera’s intention to retire does not reflect a dispute or
disagreement with the Company. In parallel with today’s
announcement, the Company is reaffirming the guidance set forth in
that certain Shareholder Letter dated as of February 5, 2024, and
furnished on such date as an exhibit to a Current Report on Form
8-K filed on that day.
Coherent’s Board of Directors has retained a leading executive
search firm to immediately commence a comprehensive search process,
which will include evaluating internal and external candidates, to
identify a new CEO to lead the Company into the future. A
subcommittee of the Board has been formed to oversee the search
process.
Dr. Mattera, 68, has served with Coherent for 20 years, the last
eight of which have been as CEO. He is the Company’s third CEO
since its founding in 1971 as II-VI Incorporated. He has also
served as Chair of the Company’s Board of Directors since November
2021. During his tenure, Dr. Mattera led the transformation of
II-VI, a premier supplier of engineered materials and
optoelectronic components, into Coherent Corp., a global,
diversified company enabling multiple irreversible megatrends in
the industrial, communications, electronics, and instrumentation
markets. Over his 20 years, the Company’s annual revenue grew from
$150 million in fiscal 2004 to more than $5 billion in fiscal
2023.
“Leading this 53-year-old company through its multi-decade
growth transformation has been an incredible privilege,” said Dr.
Mattera. “I want to acknowledge and deeply thank our employees,
investors, customers, partners, and especially our Leadership Team,
as well as my fellow Board members, for our shared accomplishments
and for helping make my years at Coherent so rewarding and
impactful.
“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. With
Coherent on a clear path to improved margins and continued
profitable growth, its track record of product leadership, customer
intimacy, operational excellence, and the unstoppable imagination
of our world-class people, I believe that now is the right time to
look toward the next chapter of the Company’s transformation,” Dr.
Mattera said. “I have never been more excited about Coherent’s
prospects and look forward to transitioning to the next generation
of leadership to execute new value creation opportunities and
continue to unlock longer-term profitable growth. I am confident
that Coherent’s extraordinary track record of financial and
operational excellence, and its broad and deep foundation in
materials, networking, and lasers, will pave the way for our
sustained success. The future of Coherent is bright, and I am
pleased to continue to play a role in delivering on our near-term
strategic priorities and driving the seamless execution of our
leadership succession plan, with the support and involvement of the
Board.”
“Throughout Chuck’s tenure, he played a critical role in leading
the development and execution of our strategic growth plans,
helping transform the Company into a true market leader and
redefine the future through breakthrough technologies. He has spent
his entire career in and around the industry and has been
instrumental in advancing the sector into one that is fundamental
in today’s ever-changing environment. As CEO since 2016, Chuck has
driven an over 700% increase in the Company’s market
capitalization, to over $9 billion, and the Board and I can’t thank
him enough for his outstanding contributions and stalwart
leadership over the last 20 years. We look forward to continuing
our work with Chuck in the near term and appreciate his continued
leadership to ensure a smooth transition,” said Enrico DiGirolamo,
Lead Independent Director.
“Since Coherent’s founding, the Company has been squarely
focused on emerging trends and megatrends, investing in innovation
to better anticipate what’s now, next, and beyond, and forming key
strategic partnerships to best support our customers,” said Mr.
DiGirolamo. “The markets we serve are changing rapidly, and, as we
look ahead to our next chapter, we will continue to best position
ourselves to capitalize on those areas where we see the greatest
opportunities for growth and value creation. This includes finding
the right new CEO, supported by seasoned business leaders and our
exceptional Leadership Team, to steer our company forward, enhance
our operating performance, and further strengthen our financial
foundation.”
About Coherent
Coherent empowers market innovators to define the future through
breakthrough technologies, from materials to systems. We deliver
innovations that resonate with our customers in diversified
applications for the industrial, communications, electronics, and
instrumentation markets. Headquartered in Saxonburg, Pennsylvania,
Coherent has research and development, manufacturing, sales,
service, and distribution facilities worldwide. For more
information, please visit us at coherent.com.
Contact:
Paul SilversteinVice President, Investor Relations &
Corporate Communicationsinvestor.relations@coherent.com
Media Contact:
Blair HennessyH/Advisors
Abernathyblair.hennessy@h-advisors.global
Forward Looking Statements
The statements contained in this press release
include forward-looking statements relating to future events and
expectations, including statements regarding (i) the transition of
Dr. Mattera as our Chair and CEO; (ii) our integration and
synergy activities and our position for accelerated growth; (iii)
improved margins and continued profitable growth; (iv) our
prospects, value creation opportunities and longer-term profitable
growth; (v) our sustained success; (vi) our ability to position
ourselves to capitalize on areas where we see the greatest
opportunities for growth and value creation; (vii) our operating
performance and strength of our financial foundation; and (viii)
our guidance, each of which is based on certain assumptions and
contingencies. The forward-looking statements are made pursuant to
the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995 and relate to the Company’s
performance on a going-forward basis. The forward-looking
statements contained herein involve risks and uncertainties, which
could cause actual results, performance, or trends to differ
materially from those expressed in the forward-looking statements
herein or in previous disclosures.
The Company believes that all forward-looking
statements made by it herein have a reasonable basis, but there can
be no assurance that management’s expectations, beliefs, or
projections as expressed in the forward-looking statements will
actually occur or prove to be correct. In addition to general
industry and global economic conditions, factors that could cause
actual results to differ materially from those discussed in the
forward-looking statements herein include but are not limited to:
(i) the failure of any one or more of the assumptions stated herein
to prove to be correct; (ii) the risks relating to forward-looking
statements and other “Risk Factors” discussed in the Company’s
Annual Report on Form 10-K for the fiscal year ended June 30, 2023,
and additional risk factors that may be identified from time to
time in filings of the Company; (iii) the substantial indebtedness
the Company incurred in connection with its acquisition (the
“Transaction”) of Coherent, Inc. (“Coherent”), the need to generate
sufficient cash flows to service and repay such debt, and the
Company’s ability to generate sufficient funds to meet its
anticipated debt reduction goals; (iv) the possibility that the
Company may not be able to continue its integration progress and/or
take other restructuring actions, or otherwise be able to achieve
expected synergies, operating efficiencies including greater scale,
focus, resiliency, and lower operating costs, and other benefits
within the expected time frames or at all and ultimately to
successfully fully integrate the operations of Coherent with those
of the Company; (v) the possibility that such integration and/or
the restructuring actions may be more difficult, time-consuming, or
costly than expected or that operating costs and business
disruption (including, without limitation, disruptions in
relationships with employees, customers, or suppliers) may be
greater than expected in connection with the Transaction and/or the
restructuring actions; (vi) any unexpected costs, charges, or
expenses resulting from the Transaction and/or the restructuring
actions; (vii) the risk that disruption from the Transaction and/or
the restructuring actions materially and adversely affects the
respective businesses and operations of the Company and Coherent;
(viii) potential adverse reactions or changes to business
relationships resulting from the completion of the Transaction
and/or the restructuring actions; (ix) the ability of the Company
to retain and hire key employees; (x) the purchasing patterns of
customers and end users; (xi) the timely release of new products
and acceptance of such new products by the market; (xii) the
introduction of new products by competitors and other competitive
responses; (xiii) the Company’s ability to assimilate other
recently acquired businesses, and realize synergies, cost savings,
and opportunities for growth in connection therewith, together with
the risks, costs, and uncertainties associated with such
acquisitions; (xiv) the Company’s ability to devise and execute
strategies to respond to market conditions; (xv) the risks to
realizing the benefits of investments in R&D and
commercialization of innovations; (xvi) the risks that the
Company’s stock price will not trade in line with industrial
technology leaders; and/or (xvii) the risks of business and
economic disruption related to worldwide health epidemics or
outbreaks that may arise. The Company disclaims any obligation to
update information contained in these forward-looking statements,
whether as a result of new information, future events or
developments, or otherwise.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c81dc78a-300d-4423-8448-7672227f2eaf
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