News: Optoelectronics
20 February 2024
Coherent’s Mattera to retire as CEO
Materials, networking and laser technology firm Coherent Corp of Saxonburg, PA, USA says that Dr Vincent (Chuck) D. Mattera Jr is to retire as CEO following the commencement of employment of his successor.
Coherent’s board of directors has retained an executive search firm to immediately begin a search process, which will include evaluating internal and external candidates, to identify a new CEO. A subcommittee of the board has been formed to oversee the search process.
Picture: Coherent’s chair & CEO Dr Vincent D. (Chuck) Mattera Jr.
Mattera, 68, has served with Coherent for 20 years, the last eight of which have been as CEO. He is the firm’s third CEO since its founding in 1971 as II-VI Inc. He has also served as chair of the board of directors since November 2021. During his tenure, Mattera led the transformation of II-VI, a supplier of engineered materials and optoelectronic components, into Coherent Corp., a global, diversified company enabling multiple megatrends in the industrial, communications, electronics and instrumentation markets. Over his 20 years, annual revenue grew from $150m in fiscal 2004 to more than $5bn in fiscal 2023.
“Since the strategic combination of II-VI and Coherent two years ago, I am most proud of the tremendous progress we have made to integrate our two organizations, optimize synergies, and place the company in an advantaged position for accelerated growth. With Coherent on a clear path to improved margins and continued profitable growth, its track record of product leadership, customer intimacy, operational excellence, and the unstoppable imagination of our world-class people, I believe that now is the right time to look toward the next chapter of the company’s transformation,” says Mattera. “I look forward to transitioning to the next generation of leadership to execute new value creation opportunities and continue to unlock longer-term profitable growth,” he adds. “Coherent’s extraordinary track record of financial and operational excellence, and its broad and deep foundation in materials, networking and lasers, will pave the way for our sustained success.”
“Throughout Chuck’s tenure, he played a critical role in leading the development and execution of our strategic growth plans, helping transform the company into a true market leader and redefine the future through breakthrough technologies,” comments lead independent director Enrico DiGirolamo. “He has spent his entire career in and around the industry and has been instrumental in advancing the sector into one that is fundamental in today’s ever-changing environment. As CEO since 2016, Chuck has driven an over 700% increase in the company’s market capitalization, to over $9bn,” he adds. “The markets we serve are changing rapidly, and, as we look ahead to our next chapter, we will continue to best position ourselves to capitalize on those areas where we see the greatest opportunities for growth and value creation. This includes finding the right new CEO, supported by seasoned business leaders and our exceptional leadership team, to steer our company forward, enhance our operating performance, and further strengthen our financial foundation.”
II-VI completes acquisition of Coherent
