Vertical Divider
Struggling Coherent Gets New CEO
May 17, 2020
Coherent, Inc.’s Board of Directors named Andreas "Andy" W. Mattes, previously senior advisor at McKinsey & Company and president and chief executive officer of Diebold Nixdorf, as the company's new President and Chief Executive Officer and a member of the Board of Directors, effective immediately. John R. Ambroseo, PhD will retire from his positions as President and Chief Executive Officer and member of the Board in April 2021. In Q120, Coherent announced net sales of $320.8 million down 16.2% Y/Y and net income of $5.8 million, down 83.7% Y/Y. In Q417, Coherent’s quarterly revenue reached a high of $490m with net income of $72.9m. Coherent supplies excimer lasers to AP System for use in converting a-Si to p-Si (LTPS) and in the laser lift off (LLO) process to separate OLED flexible substrates from the carrier glass. The slowdown in new OLED Gen 6 construction hit Coherent very hard, but there are at least 9 new flexible Gen 6 OLED fabs in the planning or construction phase. In an interview with Photonics Media, Mattes said, If I take a very high-level view, and keep in mind this is day 14 on the job, what I would see is a very strong OLED business. I would also see some of the investment bets that we made as a company, whether it is in a market like the medical instrumentation side or electric vehicles, to have paid off and start being more prominent in our overall numbers and our market system.
May 17, 2020
Coherent, Inc.’s Board of Directors named Andreas "Andy" W. Mattes, previously senior advisor at McKinsey & Company and president and chief executive officer of Diebold Nixdorf, as the company's new President and Chief Executive Officer and a member of the Board of Directors, effective immediately. John R. Ambroseo, PhD will retire from his positions as President and Chief Executive Officer and member of the Board in April 2021. In Q120, Coherent announced net sales of $320.8 million down 16.2% Y/Y and net income of $5.8 million, down 83.7% Y/Y. In Q417, Coherent’s quarterly revenue reached a high of $490m with net income of $72.9m. Coherent supplies excimer lasers to AP System for use in converting a-Si to p-Si (LTPS) and in the laser lift off (LLO) process to separate OLED flexible substrates from the carrier glass. The slowdown in new OLED Gen 6 construction hit Coherent very hard, but there are at least 9 new flexible Gen 6 OLED fabs in the planning or construction phase. In an interview with Photonics Media, Mattes said, If I take a very high-level view, and keep in mind this is day 14 on the job, what I would see is a very strong OLED business. I would also see some of the investment bets that we made as a company, whether it is in a market like the medical instrumentation side or electric vehicles, to have paid off and start being more prominent in our overall numbers and our market system.
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