© Reuters.
Coherent , Inc. (NASDAQ: NYSE:), a global provider of lasers and laser-based technology, announced that its Chief Executive Officer, Dr. Vincent D. Mattera, Jr., has decided to retire by the end of 2024. The company’s Board of Directors has been informed of Dr. Mattera’s decision, which is not due to any disagreement with the company’s operations, policies, or practices.
The Board is taking immediate action to find a replacement by engaging a top executive search firm to evaluate both internal and external candidates. A special sub-committee has been established to guide the search for the new CEO.
To ensure a smooth transition, Coherent and Dr. Mattera have entered into an agreement outlining the terms of his service and succession. Dr. Mattera will continue in his role as CEO and Chair of the Board until his successor is appointed. If a new CEO has not been employed or accepted the position by November 15, 2024, he has the option to conclude his tenure on December 31, 2024.
Furthermore, the agreement stipulates that if the next annual meeting of stockholders is approaching and a new CEO has not started or agreed to start before then, Dr. Mattera will be nominated for election as a Class One Director. Conversely, if a successor is in place before the filing of the proxy statement for the next annual meeting, Dr. Mattera will not be nominated for reelection to the Board unless both he and the Board agree otherwise.
During this transition period, Dr. Mattera’s compensation and duties will remain largely unchanged from his current Employment Agreement, with the assurance that his annual cash incentive for the fiscal year 2024 will meet the target amount. Additionally, he is set to receive a grant of annual equity awards for fiscal year 2025, which will be provided as time-vesting restricted stock units.
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