Coherent CEO to step down
Vincent Mattera has served as CEO of the company since 2016, overseeing the combination of II-VI and Coherent in 2022, and will continue to lead until his successor takes over
Coherent has announced that the current CEO, Vincent (“Chuck”) Mattera, has informed the board of directors that he intends to retire as CEO once a successor has been employed. The company emphasised that this decision was not due to a dispute or disagreement.
The board of directors has retained an executive search firm, which will immediately commence a comprehensive search process, evaluating both internal and external candidates, to identify a new CEO. A subcommittee of the board has been formed to oversee this process.
Mattera, 68, joined Coherent 20 years ago, and has served as CEO for the last eight. He is the company’s third CEO since its founding in 1971 as II-VI Incorporated, and he has also served as chair of its board of directors since November 2021. During his tenure, Mattera led the transformation of II-VI into Coherent.
“Leading this 53-year-old company through its multi-decade growth transformation has been an incredible privilege,” said Mattera. “I want to acknowledge and deeply thank our employees, investors, customers, partners, and especially our leadership team, as well as my fellow board members, for our shared accomplishments and for helping make my years at Coherent so rewarding and impactful.
“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 organisations, optimise 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.”
Enrico DiGirolamo, lead independent director, said: “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. 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 percent increase in the company’s market capitalisation, to over $9 billion, and the board and I can’t thank him enough for his outstanding contributions and stalwart leadership over the last 20 years. We look forward to continuing our work with Chuck in the near term and appreciate his continued leadership to ensure a smooth transition.”
