Coherent CEO Vincent Mattera Jr. To Retire; Reaffirms Q3, FY24 Outlook; Stock Falls

(RTTNews) - Semiconductor manufacturer, Coherent Corp. (COHR), Tuesday announced that its Chief Executive Officer Vincent Mattera Jr. intends to retire following the commencement of employment of his successor.

The company stated that a search firm had been retained to evaluate internal and external candidates for the CEO position.

Also, Coherent reaffirmed its third-quarter and full-year 2024 outlook, where it projects revenue of $1.12 billion to $1.2 billion and $4.55 to $4.7 billion, respectively.

Currently, Coherent's stock is falling 5.11 percent, to $56.67 over the previous close of $59.72 on the New York Stock Exchange.