Coherent Corp. (NYSE:COHR), a Pennsylvania-based company specializing in optical instruments and lenses, has announced the departure of Walter R. Bashaw II, the firm's President. The resignation, effective September 6, 2024, is due to a restructuring of the company's leadership that resulted in the elimination of Mr. Bashaw's role.
The decision, made on August 5, 2024, classifies Mr. Bashaw's departure as a "Good Reason" termination according to the company's Revised Executive Severance Plan and his Participation Agreement. This designation means that Mr. Bashaw will receive the severance benefits stipulated in these agreements without alteration.
Coherent Corp., previously known as II-VI Incorporated, has not announced any changes to the executive team beyond Mr. Bashaw's departure. The company's business address and contact information remain unchanged at 375 Saxonburg Boulevard, Saxonburg, Pennsylvania.
This development comes as Coherent Corp. continues to navigate the competitive landscape of the optical instruments sector. The information reported is based on the company's latest 8-K filing with the Securities and Exchange Commission. No further details regarding the company's future leadership plans or the exact reasons for the restructuring have been disclosed at this time.
In other recent news, Coherent Corp. reported a robust third-quarter performance for fiscal year 2024, with a 7% sequential increase in revenue and a nearly 50% increase in non-GAAP EPS. The firm also raised its full-year revenue and EPS forecasts. JPMorgan maintained its Overweight rating for Coherent, expressing optimism about the company's future under the new CEO, Jim Anderson.
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