Jan 24, 2017 | By Benedict
German 3D printing company SLM Solutions has removed Markus Rechlin from his position as CEO and management board member and appointed Uwe Boegershausen, the company's chief financial officer, as acting CEO. No reason has been given for Rechlin’s dismissal.
(L-R) Henner Schöneborn (Executive board member), Markus Rechlin (former CEO), Uwe Bögershausen (former CFO, now acting CEO)
Metal additive manufacturing company SLM Solutions endured a turbulent and eventful 2016. Strong 3D printer sales figures throughout the first half of the year propelled the company to the brink of a 683 million euro ($733 million) takeover from General Electric (GE). However, those plans were thwarted by activist investor Elliott Management, the hedge fund of billionaire investor Paul Singer, owner of 20% of SLM shares, who demanded a higher offer. GE refused to raise its price for SLM, and subsequently purchased another German 3D printing company, Concept Laser, instead.
Following this sequence of events, SLM Solutions lowered its 2016 targets in December, citing the failed takeover from GE as a cause of uncertainty amongst customers and slow revenue growth in the second half of the year. It is unclear whether the failed GE takeover bid played any role in the dismall of Rechlin, and there is currently no official word as to why the change of management has been enacted.
SLM Solutions manufactures a range of Selective Laser Melting (SLM) 3D printers, including the Selective Laser Melting Machine SLM 500 (500 x 280 x 365 mm build volume), the Selective Laser Melting Machine SLM 280 2.0 (280 x 280 x 365 mm), and the Selective Laser Melting Machine SLM 125 (125 x 125 x 125 mm). The company also offers a range of additive manufacturing services at its numerous Application Centers around the world.
The SLM Solutions 280 HL 3D printer
Rechlin had been working for SLM Solutions since 2013 and his contract was due to expire in June 2018. He had previously worked at The Boston Consulting Group GmbH, Dräger Medical GmbH, CCP Capital Consulting Partners, and Bain Capital Ltd. He earned his PhD in Mechanical Engineering at RWTH Aachen University in Germany.
Read the SLM Solutions statement below in full:
The Supervisory Board of SLM Solutions Group AG took the decision today to remove Dr. Markus Rechlin from his position as CEO and from the Management Board of SLM Solutions Group AG. His responsibilities are assigned to Chief Financial Officer Uwe Bögershausen with immediate effect and until further notice. The Supervisory Board of SLM Solutions Group AG thanks Dr. Rechlin for his many years of dedicated and committed contribution to the company. As from now, the Executive Board of SLM Solutions Group AG therefore consists of Uwe Bögershausen and Henner Schöneborn.
Posted in 3D Printer Company
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