Coherent Corp., a global leader in materials, networking, and lasers, announces that Dr. Vincent D. Mattera, Jr. will submit his resignation from the Board of Directors upon the appointment of his successor.
Dr. Mattera’s decision to retire is not due to any disagreement or dispute with the company. Alongside this announcement, the company reaffirms the guidance outlined in the shareholder letter dated February 5, 2024, which was attached to a current report on Form 8-K filed and published on the same day.
Coherent’s Board of Directors has engaged a leading executive search firm to immediately initiate a comprehensive search process, evaluating both internal and external candidates to identify a new CEO who will lead the company into the future. A subcommittee of the Board has been formed to oversee the search process.
Dr. Mattera, 68, has served Coherent for 20 years, the last eight as CEO. He is the company’s third CEO since its founding in 1971 as II-VI Incorporated. Since November 2021, he has also served as Chairman of the Board of Directors. During his tenure, Dr. Mattera spearheaded the transformation of II-VI, a leading provider of engineered materials and optoelectronic components, into Coherent Corp., a global, diversified company enabling several irreversible megatrends across industry, communications, electronics, and instrumentation. Over his 20 years at Coherent, the company’s annual revenue grew from $150 million in fiscal 2004 to over $5 billion in fiscal 2023.
“It has been an incredible privilege to lead this 53-year-old company through its decades-long growth transformation,” said Dr. Mattera. “I want to thank our employees, investors, customers, partners, and especially our leadership team and my fellow Board members for our collective achievements and for making my years at Coherent so rewarding and impactful.
“Since the strategic merger of II-VI and Coherent two years ago, I am immensely proud of the tremendous progress we’ve made in integrating our two organizations to optimize synergies and position the company for accelerated growth. With Coherent on a clear path to improved margins and sustained profitable growth, a track record of product leadership, customer intimacy, operational excellence, and the unstoppable ingenuity of our world-class employees, I believe now is the right time to embark on the next chapter of the company’s transformation,” Dr. Mattera said. “I have never been more excited about Coherent’s prospects and look forward to transitioning to the next generation of leadership to unlock new value creation opportunities and continue delivering long-term profitable growth. I am confident that Coherent’s extraordinary track record of financial and operational excellence, combined with its broad and deep foundation in materials, networking, and lasers, will pave the way for our sustained success. Coherent’s future is bright, and I look forward to continuing to play a role in executing our near-term strategic priorities and driving the seamless implementation of our leadership succession plan with the Board’s support and involvement.”
"Throughout his tenure, Chuck has played a pivotal role in shaping and executing our strategic growth plans, transforming the company into a true market leader and redefining the future through groundbreaking technologies," said Enrico DiGirolamo, Lead Independent Director. "He has spent his entire career in and around the industry, contributing significantly to making the company a fundamental force in today’s ever-changing environment. Since becoming CEO in 2016, Chuck has increased the company’s market capitalization by more than 700% to over $9 billion, and the Board and I cannot thank him enough for his outstanding contributions and unwavering leadership over the past 20 years. We look forward to continuing to work with Chuck in the near term and deeply appreciate his ongoing leadership to ensure a smooth transition."
"Since its founding, Coherent has consistently focused on emerging trends and megatrends, invested in innovation to anticipate what’s now, next, and beyond, and forged critical strategic partnerships to best support our customers,” added DiGirolamo. “The markets we serve are evolving rapidly, and as we look to our next chapter, we will continue positioning ourselves to capitalize on the areas where we see the greatest opportunities for growth and value creation. This includes identifying the right new CEO, supported by seasoned executives and our exceptional leadership team, to drive the company forward, enhance our operational performance, and further strengthen our financial foundation.”