Another CFO of a 3D printing company is leaving to pursue his career “somewhere else”…

A week ago we reported that the CFO of 3D Systems, Michael Turner, announced his resignation to take up a new position in another company. Shortly after that, another company – Velo3D, a US Stock Exchange-listed manufacturer of 3D metal printers, announced that its CFO – William McCombe would leave his position to pursue “other career opportunities”. The day after this news, Velo3D shares on the stock exchange lost 20% of their value.

McCombe joined VELO3D in 2020, playing a key role in the company’s public presence. His previous experience includes positions as CFO at HZO, global leader in electronics protection nanocoatings, Maxar Technologies, and senior vice president at Maxar’s subsidiary SSL. McCombe also served as a managing director at Bank of America Merril Lynch. He will now be replaced as CFO by Bernard Chung, who served as vice president of VELO3D.

VELO3D is going through quite a difficult period on the American stock exchange. The company debuted with shares at a price of nearly $10 per share, but unfortunately from March 2022 the price began to decline significantly. After McCombe announced his resignation, the stock reached $1.13. Over the last 12 months, the share price has already dropped -46%.

Financially, 2023 started on a positive note for Velo3D, with revenues increasing by 120%, mainly driven by demand for its Sapphire XC line of metal 3D printers. In contrast, the company reported a net loss, and in the following quarter it missed analysts’ forecasts for net loss and revenue, revising its revenue forecasts downwards.

Source: www.velo3d.com