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Coherent Corp. (NYSE:COHR) shares are trading higher after the Board of Directors has appointed Jim Anderson as the new Chief Executive Officer, effective today.
Anderson is succeeding Vincent D. Mattera, Jr., who, as previously announced, is retiring as Chair and CEO of Coherent.
Anderson joined Coherent from Lattice Semiconductor Corporation (NASDAQ:LSCC), where he served as President, Chief Executive Officer, and a member of its Board of Directors. Lattice Semiconductor’s stock plunged following Anderson’s departure.
Prior to joining Lattice in 2018, Anderson was senior vice president and general manager of Advanced Micro Devices, Inc‘s (NASDAQ:AMD) Computing and Graphics business group.
He previously held leadership positions in general management, engineering, sales, marketing, and strategy at several companies.
Anderson holds an MBA and Master of Science in electrical engineering and computer science from the Massachusetts Institute of Technology, a Master of Science in electrical engineering from Purdue University, and a Bachelor’s degree in electrical engineering from the University of Minnesota.
Enrico DiGirolamo, Board Chair, said, “Jim’s business acumen and technical capability, coupled with his extensive experience transforming complex global businesses to deliver above-market growth and profitability, make him the ideal leader to steer Coherent through its next chapter amidst a rapidly changing market.”
“I am confident that Coherent will benefit from Jim’s operational expertise, innovation-first approach, and in-depth knowledge of our market and platform, as we capitalize on the strong market demand we see across our AI-related datacom portfolio and improving industrial market, while leveraging our diversification strategy that continues to serve us well.”
Last month, Coherent launched next-generation high-power laser sensor, which is designed to support the expanding high-power applications market and can reduce measurement times by up to 500%.
Investors can gain exposure to the stock via ProShares Nanotechnology ETF (NYSE:TINY) and SPDR S&P Kensho Final Frontiers ETF (NYSE:ROKT).
Price Action: COHR shares are up 18.3% at $67.52 at the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
