PITTSBURGH - Coherent Corp. (NYSE: NYSE:COHR), a global leader in materials, networking, and lasers, announced today that CEO Dr. Vincent D. Mattera, Jr., plans to retire following the appointment of his successor. The company's Board of Directors has initiated a comprehensive executive search to find a new CEO, considering both internal and external candidates.
Dr. Mattera, who has led the company for eight years and served for a total of 20 years, will continue his duties until a new CEO commences employment. His retirement is not due to any dispute or disagreement with the company. Coherent also reaffirmed its fiscal 2024 guidance, as detailed in a February 5, 2024, shareholder letter.
During Dr. Mattera's tenure, Coherent's annual revenue grew from $150 million in fiscal 2004 to over $5 billion in fiscal 2023. He oversaw the transformation of II-VI Incorporated into Coherent Corp., which now serves various markets including industrial, communications, electronics, and instrumentation.
Lead Independent Director Enrico DiGirolamo praised Dr. Mattera for his significant contributions to the company's market position and capitalization, which increased over 700% to over $9 billion under his leadership.
Coherent, headquartered in Saxonburg, Pennsylvania, has been focused on investing in innovation and strategic partnerships. The company aims to capitalize on emerging market trends and megatrends with its diversified applications.
The search for a new CEO is being managed by a leading executive search firm, and a Board subcommittee will oversee the process. The company's statement assures stakeholders of its commitment to a seamless leadership transition.
This news is based on a press release statement from Coherent Corp.
InvestingPro Insights
As Coherent Corp. (NYSE: COHR) embarks on a new chapter with the search for a successor to CEO Dr. Vincent D. Mattera, Jr., investors and stakeholders are keenly observing the company's financial health and market performance. With a market capitalization of $6.12 billion USD, Coherent's valuation reflects its significant presence in the materials, networking, and laser industries. The company's P/E ratio stands at 56.98, indicating investor confidence in its earnings potential, while the adjusted P/E ratio for the last twelve months as of Q2 2024 suggests a premium valuation at 187.88.
InvestingPro data highlights a revenue growth of 4.52% over the last twelve months as of Q2 2024, showcasing the company's ability to increase its sales year-over-year. However, the quarterly revenue growth indicates a decline of 17.43% for Q2 2024, which aligns with the InvestingPro Tip that analysts anticipate a sales decline in the current year. This juxtaposition of annual growth with a quarterly dip may suggest a need for close monitoring of Coherent's financial trajectory in the upcoming quarters.
Investors are also noting the stock's performance, with a significant 73.35% price total return over the last six months, which is complemented by the InvestingPro Tip that the stock has seen a large price uptick in the same period. The company's stock is currently trading near its 52-week high, at 93.86% of the peak price, reflecting robust market sentiment and the potential optimism surrounding the company's future despite the CEO transition.
For those looking to delve deeper into Coherent's financials and stock performance, InvestingPro provides additional insights. There are 14 more InvestingPro Tips available, which include analysis on profitability, asset liquidity, and stock volatility. For a comprehensive understanding of Coherent's investment profile and to access these additional tips, interested parties can visit InvestingPro. Plus, using the coupon code PRONEWS24 can secure an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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