Comtech Terminates CEO Ken Peterman, Appoints John Ratigan As Interim; Stock Slips

(RTTNews) - Comtech Telecommunications Corp.(CMTL) said on Wednesday that it has terminated Ken Peterman as chief executive officer.

The company said the termination was for conduct unrelated to Comtech's business strategy, financial results or previously filed financial statements.

Subsequently, Comtech has appointed John Ratigan, chief corporate development officer, as interim CEO, with immediate effect.

Ratigan has an extensive background in satellite communications, as well as a deep familiarity with Comtech, having spent ten years at EF Data Corp., prior to its acquisition by Comtech in 2000.

In addition, the Board has elected current Board member Mark Quinlan as chair of the Board.

The company is scheduled to report its financial results for the January quarter on March 18.

CMTL was trading down by 10.42 percent at $5.14 on the Nasdaq.