Comtech taps new chairman; Fred Kornberg to retire
Fred Kornberg, who stepped down as CEO of Comtech last year, will retire from the board. Credit: Newsday/Alejandra Villa-Lorca
Comtech Telecommunications Corp. has named a board member and veteran satellite industry executive as its new chairman to succeed Fred Kornberg, who served as a top executive of the Melville company for more than 50 years.
Ken Peterman, who became chairman effective Friday, was appointed to Comtech's board in May.
Peterman served as a top executive at several defense and satellite communications businesses, including as president of Viasat Government Systems.
Ken Peterman became chairman of Comtech's board effective Friday. Credit: Comtech
Kornberg, 86, will step down as a director before the next annual shareholder meeting, reducing the size of the board to eight members, the company said in a government filing.
On Dec. 31, Michael Porcelain replaced Kornberg as Comtech's chief executive after a dissident shareholder, Manhattan-based Outerbridge Capital Management LLC, reached a "cooperation agreement" with the company.
Michael Porcelain took over as president and CEO on Dec. 31. Credit: Comtech
Shares of Comtech, which makes next-generation 911 systems and satellite communications ground stations for military and civilian use, fell 2.6% to close Monday at $10.80.
"It’s been a true privilege to have led Comtech through so many different eras,” Kornberg, who served as CEO and president from 1976 to 2021, said in a statement.
Peterman, in a statement, said "I look forward to helping president and CEO Mike Porcelain and the rest of the board build on Comtech’s strong foundation to create long-term shareholder value.”
Comtech is the eighth largest public company on Long Island based on fiscal 2021 revenue of $581.7 million and has an employee headcount of 2,038.
In March, Comtech said it had donated an undisclosed number of its COMET wireless communications systems for use by the Ukraine military as it seeks to fend off an invasion by Russia. The over-the-horizon troposcatter systems, also used by U.S. special forces, are designed to be secure and difficult to jam.
Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.
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