8-KLeadership ChangesOther EventsExhibits & Filings

COHERENT CORP. 8-K Report, Executive Changes (Aug 16, 2021)

Filed August 16, 2021For Securities:COHR

Summary

Coherent Corp. (COHR) filed an 8-K on August 16, 2021, primarily announcing significant leadership transitions and a quarterly dividend payment. Francis J. Kramer, the current Board Chair and former CEO, will transition to Chair Emeritus, retaining his director role. This change is effective after the annual meeting of II-VI shareholders in November 2021. Concurrently, Dr. Vincent D. Mattera, Jr., the current CEO and director, will assume the position of Chair of the board at that time, while Rear Admiral Marc Y.E. Pelaez will continue as Lead Independent Director. In addition to the leadership changes, the company also declared a quarterly cash dividend of $3.00 per share on its 6.00% Series A Mandatory Convertible Preferred Stock. This dividend is scheduled to be paid on October 1, 2021, to shareholders of record as of September 15, 2021. These announcements provide insight into the company's governance and its commitment to returning capital to preferred shareholders.

Key Highlights

  • 1Francis J. Kramer transitioning from Board Chair to Chair Emeritus, remaining a director.
  • 2Dr. Vincent D. Mattera, Jr. to become Chair of the Board, in addition to his CEO role.
  • 3Leadership transitions are effective following the annual meeting of II-VI shareholders in November 2021.
  • 4Rear Admiral Marc Y.E. Pelaez (retired) will continue as Lead Independent Director.
  • 5Declaration of a quarterly cash dividend of $3.00 per share on 6.00% Series A Mandatory Convertible Preferred Stock.
  • 6Dividend payment date is October 1, 2021, with a record date of September 15, 2021.

Frequently Asked Questions

Francis J. Kramer's transition to Chair Emeritus signifies a planned succession in board leadership. While stepping down from the active Chair role, he will continue to provide valuable experience and guidance as a director, ensuring continuity and leveraging his extensive knowledge of the company.

Dr. Vincent D. Mattera, Jr.'s dual role as CEO and incoming Board Chair suggests a continued focus on strategic alignment between operational leadership and board governance. This consolidated leadership may facilitate quicker decision-making and a more unified strategic direction for Coherent Corp.

Shareholders of Coherent Corp.'s 6.00% Series A Mandatory Convertible Preferred Stock (IIVIP) who are on record as of the close of business on September 15, 2021, will receive the quarterly dividend payment of $3.00 per share, payable on October 1, 2021.

The filing explicitly states that Rear Admiral Marc Y.E. Pelaez (retired) will continue to serve as Lead Independent Director. This indicates a continued commitment to independent oversight of the board's activities.