Comtech Telecommunications Corp. (NASDAQ: CMTL) (“Comtech” or the “Company”), a global technology leader, today announced that its Board of Directors (the “Board”) has unanimously elected Kenneth (Ken) H. Traub as the Executive Chairman of the Company. Mark Quinlan has stepped down from his role as Chairman of the Board and will continue serving on the Board.
In addition to Mr. Traub’s role in chairing the Board, he will be the senior executive leading the Company. John Ratigan, Comtech’s President and CEO, will report directly to Mr. Traub and they will be working closely together. In addition, former U.S. Army Chief Information Officer, Lieutenant General (Retired) Bruce T. Crawford, has been elected to serve as Lead Independent Director.
“I am thrilled to lead the Comtech team as Executive Chairman during this important time for the Company,” said Mr. Traub. “I look forward to working closely with the Board, management team, employees throughout the Company as well as other stakeholders to help address lingering challenges and better position us to capitalize on significant value enhancement opportunities going forward.”
Mr. Traub continued, “On behalf of the Board, I thank Mark for his leadership and the contributions he has made to Comtech while serving as Chairman. We look forward to continuing to benefit from his expertise as a director and as a significant investor.”
“I am honored to have been selected as Lead Independent Director, and look forward to working with the Board and management team,” said Mr. Crawford. “The Comtech Board has acted decisively to strengthen the Company’s leadership.”
“Ken joined the Comtech Board just one month ago and has already demonstrated the leadership skills and acumen that have been the hallmarks of his successful career,” said Mr. Quinlan. “Comtech is fortunate to have a leader of his caliber as we embark on the next chapter of the Company’s development.”
Mr. Ratigan added, “I am thrilled to welcome Ken to Comtech leadership and look forward to working closely together. Ken and I have complementary skills and I look forward to collaborating with him to help Comtech achieve its full potential.”
Mr. Traub is a transformational corporate leader with a successful track record of building sustainable shareholder value. He has over 30 years of experience as a Chairman, CEO, director and active investor with driving strategic, financial, operational and governance improvements. Mr. Traub is adept at managing business challenges, executing turnarounds, optimizing capital allocation, driving operational improvements, implementing M&A and other strategic initiatives and capitalizing on strategic growth opportunities. Mr. Traub received a BA from Emory College in 1983 and an MBA from Harvard Business School in 1988.
