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‘Chuck’ Mattera to retire as CEO of Coherent

21 Feb 2024

Board commences executive search; company reaffirms fiscal 2024 guidance.

Coherent this week announced that Dr. Vincent (“Chuck”) D. Mattera, Jr., has informed the company’s Board of Directors of his intent to retire as CEO following the commencement of employment of his successor. He will stay in post until a replacement is found.

Related news: Coherent bullish on AI and laser welding opportunities (7 February, 2024).

The company stated, “Dr. Mattera’s intention to retire does not reflect a dispute or disagreement. In parallel with the announcement, the company is reaffirming the guidance set forth in that certain Shareholder Letter, 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. A subcommittee of the Board has been formed to oversee the search process.

Dr. Mattera, 68, has served with Coherent for 20 years, the past eight of which have been as CEO. He has been 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.

‘Accelerated growth’

Dr. Mattera commented, “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, I believe that now is the right time to look toward the next chapter of the company’s transformation.”

“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.”

Enrico DiGirolamo, Lead Independent Director at Coherent, commented, “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 leadership.

“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.”

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