Apr 4, 2016 | By Benedict
3D printing giant 3D Systems has appointed former Hewlett-Packard executive vice president Vyomesh ‘VJ’ Joshi as its new president and CEO. Joshi succeeds Andy Johnson, who took temporary charge of the company following the departure of long-term president and CEO Avi Reichental in October 2015.
On October 28, 2015, Avi Reichental stood down after 12 years at the helm of 3D Systems. When news of his departure went public, shares in the company dropped 7 percent. The loss of Reichental was one of a number of eyebrow-raising moments during a rocky period for the South Carolina-based 3D printing behemoth, whose significant losses throughout last year ultimately effected staff layoffs and the discontinuation of the $999 Cube 3D printer.
When 3D Systems shares reached a peak of $97.25 in late 2013, the company seemed on the brink of world tech domination. However, two years and several hit-and-miss acquisitions later, the company was in mini-crisis mode. Falling shares preceded Reichental’s departure, after which Andy Johnson, the company’s chief legal officer, became acting president and CEO. Half a year later, 3D Systems has appointed Reichental’s permanent successor, Vymomesh ‘VJ’ Joshi.
An alumnus of Ohio State University, Joshi served as executive vice president of Hewlett-Packard between 1980 and 2012. During his long tenure at HP, Joshi oversaw the development of printing, scanning, and digital camera technologies, helping to double the company’s profits during an 11-year period. After dominating the 2D printing market for 32 years, Joshi must now cut his teeth in what was—until today—the 3D printing industry’s most high-profile vacancy.
“I am incredibly excited about the future of 3D Systems,” said Joshi. “We have a tremendous opportunity to help customers take advantage of the era of manufacturing transformation, including mass customization. While the company has a strong history in place, it is clear that we need to develop new and innovative products with unprecedented quality and service levels to drive sustainable growth and profits.”
Despite discontinuing the Cube 3D printer and closing the associated Cubify marketplace at the end of last year, 3D Systems has continued to develop new products and projects, such as the ProX DMP 320 direct metal 3D printer and a state-of-the-art Healthcare Technology Center in Littleton, Colorado. The 3D Systems board appears confident that, under Joshi’s leadership, the company can continue to make progress and regain its strong position of two years ago.
“We are pleased to announce VJ’s appointment as President and CEO of 3D Systems,” said Wally Loewenbaum, Chairman of the 3D Systems Board of Directors. “VJ’s significant experience scaling and strengthening technology-driven businesses, his expertise in product development and innovation, and his proven track record of operational excellence make him the ideal candidate to lead our company into its next era.”
Interim CEO Andy Johnson will continue serving as executive VP and chief legal officer.
Posted in 3D Printer Company
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