Comtech appoints Michael Porcelain as CEO with base salary $780,000; Kornberg gets $500k/yr consulting

COMTECH TELECOMMUNICATIONS CORP /DE/

Michael Porcelain appointed CEO and President effective Dec 31, 2021; also joins Board on Jan 3, 2022.
Porcelain's employment agreement: base salary $780,000, total direct compensation ≥ $3.15M per fiscal year.
Fred Kornberg steps down as CEO after 50 years, remains Chairman and Senior Technology Advisor under consulting agreement.
Consulting agreement pays Kornberg $500,000 annually plus Restricted Stock Grants of $1.25M (immediate) and $1M (Jan 2023), each vesting monthly over 12 months.
Two new independent directors, Mark Quinlan and Wendi Carpenter, appointed effective Jan 3, 2022.

item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Fred Kornberg

Chief Executive Officer

CMTL · COMTECH TELECOMMUNICATIONS CORP /DE/

Effective: 2021-12-31
Successor: Michael Porcelain
Filed: January 5, 2022, 6:59 PM ET

Fred Kornberg ceased serving as CEO on December 31, 2021, after approximately fifty years of service to Comtech.

Appointed

Michael Porcelain

Director

CMTL · COMTECH TELECOMMUNICATIONS CORP /DE/

Effective: 2022-01-03
Filed: January 5, 2022, 6:59 PM ET

and on January 3, 2022, was appointed a member of Comtech’s Board of Directors.

Appointed

Michael Porcelain

Chief Executive Officer

CMTL · COMTECH TELECOMMUNICATIONS CORP /DE/

Effective: 2021-12-31
Filed: January 5, 2022, 6:59 PM ET

On December 31, 2021, Michael Porcelain was appointed Chief Executive Officer ("CEO") of Comtech

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Fred Kornberg departed as Chief Executive Officer at COMTECH TELECOMMUNICATIONS CORP /DE/.

Action: ceased serving
Role: Chief Executive Officer

Exact text from the filing

Fred Kornberg ceased serving as CEO on December 31, 2021, after approximately fifty years of service to Comtech.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Michael Porcelain was appointed as Director at COMTECH TELECOMMUNICATIONS CORP /DE/.

Action: appointed
Role: Director

Exact text from the filing

and on January 3, 2022, was appointed a member of Comtech’s Board of Directors.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Michael Porcelain was appointed as Chief Executive Officer at COMTECH TELECOMMUNICATIONS CORP /DE/.

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

On December 31, 2021, Michael Porcelain was appointed Chief Executive Officer ("CEO") of Comtech

View on SEC.gov

COMTECH TELECOMMUNICATIONS CORP /DE/ filing history →

Source: SEC EDGAR

accession 0000023197-22-000006

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