3D Systems Chairman of the Board of Directors Retires
October 04 2018 - 4:05PM
3D Systems Corporation (NYSE: DDD) announced today G. Walter
(“Wally”) Loewenbaum, II, age 74, retired from the Board of
Directors, effective October 3, 2018. The Board of Directors has
chosen Charles (“Chip”) G. McClure, Jr. to succeed him as Chairman
of the Board upon Mr. Loewenbaum’s retirement.
"I am grateful for the last two decades as Chairman of the Board
of 3D Systems through many periods of innovation, change and growth
for the company. I am pleased with the new leadership team, the
significant progress which has been made to transform the company,
the recent launches of state of the art 3D printing platforms, and
achievement of significant partnerships,” said Wally Loewenbaum. “I
have full confidence in VJ, Chip and the rest of the team and
remain excited about the future of 3D Systems. I look forward to
continuing to see the company grow and lead additive manufacturing
over the long-term as a shareholder.”
Mr. Loewenbaum has served as Chairman of the Board of Directors
for the Company since 1999, and brought wide experience in
operations, finance, executive management and insightful
perspective on strategy and growth for the benefit of
shareholders.
“On behalf of the company, I thank Wally for his tremendous
service, support and leadership over the years as 3D Systems was
built into a global leader in additive manufacturing,” commented
Vyomesh Joshi (VJ) chief executive officer, 3D Systems. “It has
been a privilege to work closely with Wally as we have worked to
turnaround and transform the company over the last two years since
I joined 3D Systems, and we wish him the best in retirement.”
Mr. McClure joined the 3D Systems’ Board in 2017 and has
succeeded Mr. Loewenbaum as Chairman of the Board. Mr. McClure has
more than 35 years of experience in the automotive industry and
since 2014 has served as a Managing Partner of Michigan Capital
Advisors, a private equity firm that invests in Tier 2 and 3 global
automotive and transportation suppliers. Prior to founding Michigan
Capital Advisors, Mr. McClure served as Chairman of the Board, CEO
and president of Meritor, Inc. from 2004 through 2013. From
2002 through 2004, Mr. McClure served as CEO, president and member
of the Board of Federal Mogul Corp. Mr. McClure joined
Federal Mogul in 2001 as president, COO and a member of the Board.
Before joining Federal Mogul, Mr. McClure served as president, CEO
and a member of the Board of Detroit Diesel. He joined
Detroit Diesel in 1997 after 14 years in a variety of management
positions with Johnson Controls. Mr. McClure currently sits on the
Boards of DTE Energy, Crane Co. and Penske Corporation. Mr. McClure
brings to our Board broad experience in domestic and international
operations management, deep experience in executive management and
Chairman roles within publicly traded, manufacturing and related
innovative companies, and significant expertise in the automotive
industry, a key vertical for the Company.
“Since joining the Board, Chip was immediately an invaluable
contributor, including with our turnaround and transformation plan,
bringing a wealth of knowledge in executive management as well as
one of our key vertical markets. We are very pleased Chip is our
new Chairman and will continue to oversee the company’s leadership
in the 3D printing industry as we drive customers’ shift to
production and drive profitable growth,” concluded Joshi.
In connection with Mr. Loewenbaum’s decision to retire, pursuant
to the Company’s Amended and Restated By-Laws, the Board of
Directors reduced the size of the Board from eleven to ten
directors, effective immediately.
Forward-Looking StatementsCertain statements
made in this release that are not statements of historical or
current facts are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the company to be materially
different from historical results or from any future results or
projections expressed or implied by such forward-looking
statements. In many cases, forward looking statements can be
identified by terms such as “believes,” “belief,” “expects,” “may,”
“will,” “estimates,” “intends,” “anticipates” or “plans” or the
negative of these terms or other comparable terminology.
Forward-looking statements are based upon management’s beliefs,
assumptions and current expectations and may include comments as to
the company’s beliefs and expectations as to future events and
trends affecting its business and are necessarily subject to
uncertainties, many of which are outside the control of the
company. The factors described under the headings
“Forward-Looking Statements” and “Risk Factors” in the company’s
periodic filings with the Securities and Exchange Commission, as
well as other factors, could cause actual results to differ
materially from those reflected or predicted in forward-looking
statements. Although management believes that the expectations
reflected in the forward-looking statements are reasonable,
forward-looking statements are not, and should not be relied upon
as a guarantee of future performance or results, nor will they
necessarily prove to be accurate indications of the times at which
such performance or results will be achieved. The forward-looking
statements included are made only as the date of the statement. 3D
Systems undertakes no obligation to update or review any
forward-looking statements made by management or on its behalf,
whether as a result of future developments, subsequent events or
circumstances or otherwise.
About 3D Systems3D Systems provides
comprehensive 3D products and services, including 3D printers,
print materials, on-demand manufacturing services and digital
design tools. Its ecosystem supports advanced applications from the
product design shop to the factory floor to the operating room. 3D
Systems’ precision healthcare capabilities include simulation,
Virtual Surgical Planning, and printing of medical and
dental devices as well as patient-specific surgical
instruments. As the originator of 3D printing and a shaper of
future 3D solutions, 3D Systems has spent its 30 year history
enabling professionals and companies to optimize their designs,
transform their workflows, bring innovative products to market and
drive new business models.
More information on the company is available
at www.3dsystems.com
Investor
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Stacey Witten |
Media
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Greg Caldwell |
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Email:
investor.relations@3dsystems.com |
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press@3dsystems.com |
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