Comtech Telecommunications Corp. on Tuesday named a director, Stanton D. Sloane, to succeed longtime president and chief executive Fred Kornberg.
The move comes two weeks after the Dec. 9 announcement by the Melville-based maker of advanced telecommunications gear for defense and civilian markets that it was abandoning its effort to find a buyer or merger partner.
Sloane, 64, comes to the post from closely held Decision Sciences International Corp., where he served as president and CEO since August 2011. While at Decision Sciences, Sloane also had been serving as a board member at Comtech.
Kornberg, 78, who has served as CEO for 38 years, will remain at the company for the next year as executive chairman of Comtech's board of directors.
"The board and I consider it extremely fortunate that we can pass the reins of the company into such capable hands at this important stage of the company's development," Kornberg said in a statement. "Having been a director of Comtech since January 2012, and a longtime and seasoned senior executive with deep knowledge of the technology sector, Stan is well qualified to lead Comtech to greater growth."
Shares of Comtech climbed almost 2 percent Tuesday to close at $32.20.
Decision Sciences, based in Middleburg, Virginia, makes systems designed to detect, locate and identify nuclear bombs and radiological weapons at ports, borders and other entry points.
Before joining Decision Sciences, Sloane was president and chief executive of SRA International, a publicly traded information technology company based in Fairfax, Virginia. Sloane also is licensed as an airline transport pilot and flight instructor.
Sloane's three-year contract with Comtech includes an annual base salary of at least $575,000 for fiscal 2015, a guaranteed cash bonus of $375,000, options valued at $187,500 and restricted stock valued at $187,500. He is scheduled to begin his new posts no later than Feb. 1.
Comtech's products include satellite Earth station modems and microwave amplifiers used in aircraft and satellite communications.