IPG Photonics Announces CEO Transition
May 04 2021 - 8:00AM
IPG Photonics Corporation (NASDAQ: IPGP) today announced a
management change, which is effective immediately.
Eugene A. Scherbakov Ph.D., currently Chief
Operating Officer, Managing Director of IPG Laser GmbH, Senior Vice
President, Europe and Director, succeeds Valentin P. Gapontsev,
Ph.D., as IPG Photonics’ Chief Executive Officer. Dr. Valentin
Gapontsev, founder of the Company and current CEO and Chairman of
the Board, becomes Executive Chairman and continues his involvement
in directing research and development and strategy.
“Dr. Scherbakov’s technological knowledge as
well as extensive understanding of the Company's operations, sales
and customers contributed significantly to IPG’s success since he
joined us in 1995,” said Dr. Valentin Gapontsev. “Dr. Scherbakov’s
leadership at our German operations and expertise resulted in
operational excellence and lower production costs for our vertical
integration model, making fiber laser technology more cost
competitive with traditional materials processing technologies,
while preserving IPG’s strong profitability and industry-leading
margins.” Dr. Gapontsev continued, “The technology and product
opportunities for IPG are enormous and I look forward to spending
more time on our technical strategy. It's an exciting evolution for
me and a very good transition for the Company.”
“I feel extremely privileged to become the next
CEO of this great company,” said Dr. Scherbakov. “I look forward to
continuing the strategy of Dr. Gapontsev and building on the strong
foundation he set in place. We are lucky that he will continue as
Executive Chairman.”
“It is hard to overstate Dr. Gapontsev’s
contribution to fiber lasers and IPG, as an inventor, entrepreneur
and visionary,” said John Peeler, Lead Independent Director. “This
implements the succession plan discussed by the IPG Board for some
time. Dr. Scherbakov is uniquely qualified for his new role.”
Dr. Scherbakov has served as Managing Director
of IPG Laser GmbH, IPG’s German subsidiary, since August 2000,
Senior Vice President-Europe since February 2013 and Chief
Operating Officer since February 2017. He has been a member of its
Board of Directors since 2000.
About IPG Photonics
Corporation
IPG Photonics Corporation is the leader in
high-power fiber lasers and amplifiers used primarily in materials
processing and other diverse applications. The Company’s mission is
to make its fiber laser technology the tool of choice in mass
production. IPG accomplishes this mission by delivering superior
performance, reliability and usability at a lower total cost of
ownership compared with other types of lasers and non-laser tools,
allowing end users to increase productivity and decrease costs. A
member of the S&P 500® Index, IPG is headquartered in Oxford,
Massachusetts and has more than 30 facilities worldwide. For more
information, visit www.ipgphotonics.com.
Contact
Eugene FedotoffDirector of Investor Relations IPG Photonics
Corporation 508-597-4713efedotoff@ipgphotonics.com
IPG Photonics (NASDAQ:IPGP)
Historical Stock Chart
From May 2024 to Jun 2024
IPG Photonics (NASDAQ:IPGP)
Historical Stock Chart
From Jun 2023 to Jun 2024