COM DEV announces management changes as revenue figures drop for the second consecutive quarter

COM DEV InternationalCOM DEV International, a global designer and manufacturer of space hardware systems, announced today that long-time CEO, John Keating, will be leaving his post effective immediately. Keating was appointed chief executive of COM DEV in late-2002 and helped grow company revenues from less than $100 million in fiscal 2003 to more than $240 million in fiscal 2009.

The company has started its search for a new CEO, but in the meantime the board of directors have appointed Mike Pley as interim CEO. Pley has held the role of COO at COM DEV since early-2008. 

Terry Reidel, COM DEV’s Chairman, had this to say about the management shake-up:

“COM DEV wishes to express its gratitude for the significant contribution that Mr. Keating has made to the Company and wishes him well in his future endeavours. The Company is moving on to the next phase of development in its business plan with a renewed focus on profitability and the Board of Directors was of the view a new vision was required at this time.”

The move comes just a couple days after COM DEV announced its preliminary third quarter results. For the second straight quarter, COM DEV reported declining sales, with year-to-date revenue figures trailing last year’s numbers by approximately 7 per cent. If this trend continues, fiscal 2010 will be the first year that COM DEV has experienced a decline in sales since Keating took the helm.