Oct 29, 2015 | By Kira
As a company that has experienced its share of highs and lows (with arguably more lows in the recent past, including steadily declining shares and losing an $11 million arbitration this week), 3D Systems today announced the departure of President and CEO for the past 12 years, Avi Reichental. The change, effective as of the close of business on Wednesday, October 28, is said to have been “by mutual agreement with the Company’s Board of Directors.” The company has immediately commenced a search for Reichntal’s successor.
3D Systems former President and CEO Avi Reichental
Stepping in to provide ongoing leadership and support during this monumental and abrupt shift, Charles Hull, Co-founder, Director and Chief Technology Office will serve as Chairman of the Executive Management Committee, effective immediately. In addition, Andrew Johnson has been appointed as Interim President and CEO while continuing to serve in his role as Chief Legal Officer. Mark Wright, Chief Operating Officer, and David Styka, Chief Financial Officer, will also serve on the Executive Management Committee.
"I am deeply grateful to have had the opportunity to lead and build this fine company for the past 12 years, and I am excited about its future," said Reichental in the company’s official statement.
Though no explicit reason was given for Reichental’s departure, the company acknowledged his exceptional years of service and role in developing 3D Systems into one of the biggest names in 3D printing. “Over the past 12 years, Avi has helped build 3D Systems into a global leader in 3D design and digital fabrication and we thank him for his many contributions,” said G. Walter Loewenbaum II, chairman of the 3DS Board of Directors. “We are fortunate to have such a knowledgeable and capable leadership team already in place that can execute on our strategic initiatives while we identify the right individual to lead 3D Systems into a new era.”
What that ‘new era’ will entail is still very unclear. Immediately following the announcement this morning, 3D Systems’ shares plummeted by 7% in premarket trading. As Reuters reports, 3D Systems’ shares rose to a high of $97.25 in early 2014, but have been steadily dropping ever since (shares closed at $10.85 on the New York Stock Exchange on Wednesday). 3D Systems isn’t alone: just last week, fellow 3D printing industry giant Stratasys warned of sharp losses in their upcoming third quarter financial results.
Charles 'Chuck' Hull, Co-founder, Director and CTO, now serves additionally as Chairman of the Executive Management Committee
Nevertheless, looking to the future is 3D Systems’ only option. "We are profoundly grateful for the visionary leadership Avi has provided to our business and to our industry, and we wish him well in his future endeavors," said Charles Hull, Co-founder, Director, Chairman of the Executive Management Committee and Chief Technology Officer. "As our industry continues to evolve and we look to the future, we are focused on aligning our resources and programs to best serve our customers and are excited about the many opportunities ahead."
The company has already commenced a comprehensive search and evaluation process to select a permanent replacement for the role of President and Chief Executive Officer. No candidates have yet been named.
Posted in 3D Printer Company
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