Comtech, Outerbridge Reach Agreement on Board Structure

Comtech Telecommunications (Nasdaq: CMTL) and its shareholder Outerbridge Capital Management have reached an agreement on the wireless communications technology provider’s board of directors.

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Outerbridge has agreed to support Comtech’s move to reelect Judy Chambers and Larry Waldman to the board and Melville, New York-based Comtech said Thursday it will back the nomination of Wendi Carpenter, a retired U.S. Navy rear admiral, to the board.

Chambers has been a board member at Comtech since August 2021 and serves as chairperson of the nominating and governance committee and an audit committee member. She is a managing principal and a member of the board of investment consulting and advisory firm Meketa Investment Group. She also serves on the board of trustees of the Community Service Society of New York.

Waldman has been serving on Comtech’s board since August 2015. He serves as non-executive chairman of the board and chairman of the audit committee of CVD Equipment (Nasdaq: CVV). He also sits on the board of APYX Medical (Nasdaq: APYX).

Carpenter spent three decades in the U.S. Navy, where she served as commander of Navy Warfare Development Command and deputy commander of the U.S. Second Fleet. She serves as an independent director at SkyWater Technology (Nasdaq: SKYT).

The board will also name an additional independent director approved by Comtech and Outerbridge. Both parties are working with a search firm to identify candidates.

Michael Porcelain, president, chief operating officer and incoming CEO of Comtech, and Mark Quinlan, co-founder and managing partner at White Hat Capital Partners, will also join the board no later than Jan. 3.

“Comtech and Outerbridge have recently engaged in constructive discussions and this agreement puts us squarely on a path forward that is consistent with our shared desire to accelerate value creation,” Porcelain said.

With the upcoming reelections and appointments, Comtech’s board will be composed of nine directors, including six independent directors named within the last two years.

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