Kornberg will advise the company on technology and continue as director and a non-executive chairman of the board.
Comtech Telecommunications has announced that its President and Chief Operating Officer Michael Porcelain will become Chief Executive Officer, succeeding Fred Kornberg, by the end of 2021.
Porcelain will also continue as President of Comtech and join its Board of Directors.
It is anticipated that Kornberg will become an advisor to the Company. As a senior technology advisor to the Company, Kornberg will assist with the leadership transition and provide the executive team counsel based on his technical expertise.
Porcelain previously served as the Companys Chief Financial Officer for more than 12 years and, prior to that, served as Comtechs Vice President of Finance and Internal Audit from 2002 to 2006. Before joining Comtech, he was Director of Corporate Profit and Business Planning for Symbol Technologies (which was subsequently acquired by Motorola) and also served as a Manager in the Transaction Advisory Services Group of PricewaterhouseCoopers where he specialized in providing consulting services to both large and small technology companies.
The Board of Directors said: We want to thank Fred for his outstanding leadership, countless contributions and unwavering commitment to Comtech throughout his distinguished career. When Fred first took on the role of CEO of Comtech, the company had less than $20m of revenue and approximately $1m of net income. Today, Comtech is a global leader in its markets, provides innovative solutions to support critical communication systems, and has over 2,000 employees around the world. As we look to the next chapter in Comtechs history, we want to express our enthusiastic confidence in the future of the company under Mikes leadership. Mike has been instrumental in the development and execution of our business strategies, leading our day-to-day operations and driving substantial shareholder value creation across all facets of the Company. In the past several years, Mike spearheaded the expansion of both our Next-Generation 911 and satellite earth station product lines, including the transformative acquisitions of Solacom Technologies Inc., a best-in-class 911 call handling software solution, CGC Technology Limited, a leading provider of Low Earth Orbit satellite tracking antennas and UHP Networks, a leading provider of disruptive satellite ground station technology. During fiscal 2021, he oversaw the Companys efforts to secure over $200 million of Next-Generation 911 contract wins as well as a strategic multi-year contract award to customize our next-generation broadband satellite technology for use with the thousands of LEO satellites to be launched over the next several years. Mike is highly valued for his exceptional management skills, technical acumen, and understanding of our business and markets, and we are confident in his ability to lead Comtechs next phase of growth and profitability.
Kornberg added: For more than 40 years, I have had the privilege of leading Comtech as we built a global business. I am deeply grateful for the support of our investors over the years and for the steadfast dedication and commitment of our world-class employees.
Porcelain stated: I am honoured to become CEO of Comtech. Under Freds leadership, we successfully expanded our core capabilities and positioned Comtech to respond more quickly to market dynamics. I believe we are extremely well-positioned to extend our competitive advantages and enhance value for all stakeholders. I look forward to continuing to work with the Board, management, and the entire Comtech team to implement a range of important initiatives already underway and carry our strong momentum forward.
