Saying Goodbyes. Comtech's management reported that the Company and CEO and President Michael Porcelain have mutually agreed to separate, effective immediately. Prior to the resignation, Mr. Porcelain was CEO of Comtech since January of 2022, COO in 2018, and CFO from 2005-2018. We believe the reasoning for the sudden change in management is the Board of Director's desire for accelerated change at the Company and a desire for a fresh, outside CEO who can take a more dispassionate view.The New Replacement. The person in charge of replacing Mr. Porcelain will be Ken Peterman, who previously joined the Board of Directors in May of 2022. Mr. Peterman has over 40 years in the defense industry, including tenures as CEO/President as well as VP/GM at entities such as Viasat, ITT/Exelis, Collins Aerospace, Raytheon, and SpyGlass Group. Accolades in his career include developing a $1B/year Tactical Defense Electronics Systems Division at Raytheon. Mr. Peterman has led major restructuring actions across twelve states plus the U.K. (with sales of ~$1.3B/yr) at ITT/Exelis. We believe Mr. Peterman to be a suitable replacement for Mr. Porcelain, given his history and accomplishments. Read More >>