In a surprising turn of events, global technology company Comtech has terminated its President and CEO, Ken Peterman, for reasons unrelated to business strategy or financial performance. The announcement was made through a news release on March 13.
Following Peterman’s dismissal, the company also announced that he would no longer serve on the board. Mark Quinlan, a current board member, has been elected as the new board chair, emphasizing the board’s commitment to maintaining the highest standards of ethical conduct.
Effective immediately, John Ratigan, Comtech’s chief corporate development officer and a former iDirect Government executive, will step in as interim CEO. Ratigan, who joined the company in December 2023, brings with him extensive experience in satellite communications, with a decade-long tenure at EF Data Corp. before its acquisition by Comtech in 2000.
In his statement, Ratigan expressed his commitment to continuing the “One Comtech” strategy, highlighting the company’s position as a leading global provider of next-generation 911 systems, secure wireless technologies, and satellite communications. He emphasized the importance of working closely with the leadership team and the board to sustain the company’s momentum and drive its strategic objectives forward.
Comtech intends to initiate a search for a permanent successor to Peterman and plans to enlist the services of an executive search firm for this purpose.
Despite the company’s recent growth, including five consecutive quarters of growth under Peterman’s leadership, Comtech faces financial challenges, including a deadline to pay off a credit facility in October. The company disclosed concerns about its cash flow, prompting a $45 million investment from shareholders White Hat Capital Partners and Magnetar.
Peterman’s termination comes only a year and a half into his role as CEO, succeeding Michael Porcelain. During his tenure, Peterman spearheaded the implementation of a new brand identity and the “One Comtech” strategy aimed at unifying the company’s diverse business lines.
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