Dark clouds hang over the 3D printing industry… Benny Buller stepped down as CEO of Velo3D at the request of the company’s management board. Velo3D will now explore strategic transactions, a potential merger, business combination or sale. Buller was the founder of the company, which over the last few years has grown into a leading American startup specializing in the production of high-performance 3D metal printers. Brad Kreger, Velo3D’s vice president of operations, has been named interim CEO, and the company begins a search for a permanent CEO.
Buller’s departure comes after the Velo3D share price unexpectedly dropped in December and is now below $1. With Buller’s departure, Velo3D has commenced a strategic business review process to explore strategic alternatives, which may include, but are not limited to, a strategic transaction, potential merger, business combination or sale. Velo3D said it does not expect any impact to its business or ability to serve customers during the review process and emphasized that it “remains committed to creating strategic value for its customers, employees, partners and shareholders.” Further progress in the strategic review process will not be disclosed “unless and until a determination is made that such disclosure is appropriate or necessary.”
“I want to thank Benny for his tireless efforts over the past nine years, from founding the company to making Velo3D a technology leader in the rapidly evolving additive manufacturing industry,” commented Carl Bass, CEO of Velo3D. “We are incredibly grateful to Benny for all his contributions. However, given the current environment, the Board believed that the change would best position the company for future success. We look forward to continuing to benefit from Benny’s experience at the board level as we advance our strategic technology and profitability initiatives.”
The Board of Directors has appointed Brad Kreger as interim CEO, effective December 18, 2023, and has initiated a search for a permanent CEO. Kreger has been the company’s executive vice president of operations since December 2022. Prior to joining Velo3D, he held various leadership positions “overseeing and rapidly scaling manufacturing operations” at multiple early- and mid-stage companies, including tenured positions at Affymetrix, Thermo Fisher Scientific and Fluidigm Corporation. Earlier this year, William McCombe resigned as Velo3D’s CFO.
Source: www.velo3d.com