Comtech Telecommunications Corp. announced the termination of its Chief Executive Officer, Ken Peterman, on Wednesday. The reasons for his dismissal don't have any links to the company's business strategy, financial results or any financial statements previously submitted.
Following Peterman's departure, the company immediately appointed John Ratigan, the Chief Corporate Development Officer, as the interim CEO. Ratigan brings with him a wealth of experience in satellite communications, along with a deep understanding of Comtech, having spent a decade at EF Data Corp. before it was acquired by Comtech in 2000.
In another key restructuring within the board, existing board member Mark Quinlan was elected as the Chair of the Board.
The company's financial performance for the January quarter is set to be announced on March 18. Following the news of the leadership change, Comtech's shares saw a downturn, plunging by 10.42 percent, to trade at $5.14 on the NASDAQ.
