At Comtech, transformational change isn’t just occurring in our business and within our organization – it also continues to take place at the highest level, within our Board of Directors. In addition to continued evolution of Comtech’s Board composition and leadership, below are three recent examples.
Our New Strategic Committee
Comtech’s Board recently established a new Strategic Committee, now led by Independent Director Wendi Carpenter, a career Navy flag officer. The purpose of the new Strategic Committee is to both provide oversight and act as a sounding board for our CEO as he aims to combine our terrestrial and wireless expertise with our space and satellite technologies to exploit emerging opportunities arising from the transformation of our global network communications infrastructure. We believe the need for constant connectivity will create ongoing demand to blend terrestrial, wireless and satellite networks. This convergence of communications infrastructure – where both terrestrial and satellite technologies will be combined – will truly enable IoT (Internet of Things) connectivity on a global scale and aligns exceptionally well with Comtech’s core technologies.
Refreshed Committee Charters
In our most recent meeting, Comtech’s Board of Directors completed updating and refreshing each of the existing Committee charters for FY23. Broadly, this refresh initiative is meant to ensure all board members share a common vision, upheld by a commitment to effective corporate governance, and delivering increased shareholder value.
This refresh initiative was a thoughtful and purposeful undertaking to support the various change initiatives either already underway, or being planned, at Comtech. The strategic goal is to position our company to exploit the emerging growth opportunities across our terrestrial and satellite global communications end-markets, by driving improved operational performance, elevating our technology leadership and domain expertise, and accelerating our ability to realize sustainable, differentiated operational performance and growth.
Enhancements to our Compensation Committee
In addition to creating a new Strategic Committee, the Board also elected Independent Director Mark Quinlan as the new Chairperson of its Compensation Committee. In his new role, Mark will assist the Board in enhancing the Company’s compensation policies.
The Path Forward
We hope you will agree that it’s an extraordinarily exciting time for all of us at Comtech, with a renewed sense of urgency, excitement and purpose that is palpable across our organization.
While there is still much to do, the changes we have made, and are continuing to make, will empower Comtech’s people, improve our process discipline and elevate our organizational performance – creating the foundational machinery necessary for consistent operational excellence, and over time, deliver enhanced value to each of our key constituencies: our people, our customers, and certainly, our shareholders.
Our new Strategic Committee, refreshed Committee charters, and reconstituted Compensation Committee are demonstrations that Comtech is better positioned than ever before to help accelerate our transformation and ensure all board members share a common vision upheld by a common commitment to effective corporate governance and shareholder value.
Finally, we commit to staying connected with you along our journey. We will provide insights and information here on our Signals blog and encourage you to reach out to us if you have any questions, and if you’d like, subscribe to receive our email alerts.