Citing conduct unrelated to the business, Comtech Telecommunications CMTL 8.83%↑ terminated Ken Peterman as president and CEO and have removed him from its board of directors.
“The Board is committed to upholding the highest standards of ethical and professional conduct,” said Mark Quinlan, Comtech board chairman, in a statement.
The surprise firing comes less than two years after Peterman succeeded Michael Porcelain in August 2022. Former CEO Fred Cornberg led the company from 1976 to 2022.
Comtech has appointed John Ratigan, the company’s chief corporate development officer, to be interm CEO while it begins an executive search for a new leader. Comtech plans to report its financial results for the quarter that ended Jan. 31 next week.
Comtech has been a pioneer in next-generation 9-1-1 emergency services, satellite and space communications technologies. An example of this was a $29 million contract last year from Al Yah Satellite Communications Co. [YAHSAT] for communications technologies and location services. The company also offers GNSS reference data feeds and corrections that enable global location-based solutions.
