Comtech Telecommunications Corp. Announces Fred Kornberg's Return to CEO Role, Names New COO Hire and Other Management Changes
September 29, 2016 at 4:01 PM EDT
MELVILLE, N.Y.--(BUSINESS WIRE)--
September 29, 2016--Comtech Telecommunications Corp. (NASDAQ:CMTL)
announced today that Comtech's Chairman of the Board, Fred Kornberg,
will immediately resume his role as Chief Executive Officer ("CEO") and
President and that its current CEO and President, Dr. Stanton D. Sloane,
is departing the Company and also resigning from Comtech's Board of
Directors. The Company also announced that Michael Galletti has been
appointed to the newly created role of Chief Operating Officer ("COO").
"With the acquisition of TeleCommunication Systems, Inc. ("TCS")
completed and its integration with Comtech well underway, I am excited
about Comtech's trajectory," said Fred Kornberg. "I thank Stan for his
efforts during an important time of the Company's development.
Additionally, I am pleased that Mr. Galletti has joined Comtech in the
role of COO. Michael will work closely with me, our Chief Financial
Officer and our entire business group management team, with a focus on
execution and operational discipline. He has deep knowledge of our
industry and shares my entrepreneurial vision. I believe he is the right
individual to help us achieve sustainable success and build long-term
value for our shareholders."
Further, in order to improve operating efficiencies in its Government
Solutions segment and better align Comtech's resources with its
competitive strengths, the Company announced that Richard Burt, Senior
Vice President of Comtech and President of Comtech Systems, Inc., will
also lead TCS's legacy command and control technology group and
Comtech's legacy mobile data communications group and further
consolidate such operations. Comtech's Government Solutions segment
serves large U.S. and foreign government end-users that require mission
critical technologies and systems.
Mr. Kornberg added, "I believe that the organizational change in our
Government Solutions segment will allow us to focus our business
development and marketing efforts on delivering more profitable and
integrated advanced communication solutions, focusing less on large
commodity-based service opportunities."
In conclusion, Mr. Kornberg said, "I look forward to discussing all of
these exciting changes as well as our business and financial results on
October 7, 2016 during our fourth quarter and fiscal 2016 year-end
Mr. Galletti joins Comtech with 32 years of experience in the aerospace
& defense industry where he ran international and domestic business
units in tactical and strategic communication systems, electronic
warfare and radar development and production programs for Northrop
Grumman and Harris Corporation. Mr. Galletti received his Bachelor of
Science Electrical Engineering from NY Institute of Technology and his
MBA from University of Maryland.
Mr. Burt has had a distinguished career at Comtech and has been a Senior
Vice President of Comtech since 1998 and has served as President of
Comtech Systems, Inc. since 1989. Prior to that, Mr. Burt served as Vice
President of Comtech Systems, Inc. since its founding in 1984. Mr. Burt
first joined Comtech in 1979.
Comtech Telecommunications Corp. designs, develops, produces and markets
innovative products, systems and services for advanced communications
solutions. The Company sells products to a diverse customer base in the
global commercial and government communications markets.
Certain information in this press release contains statements that are
forward-looking in nature and involve certain significant risks and
uncertainties. Actual results could differ materially from such
forward-looking information. The Company's Securities and Exchange
Commission filings identify many such risks and uncertainties. Any
forward-looking information in this press release is qualified in its
entirety by the risks and uncertainties described in such Securities and
Exchange Commission filings.