IPG Photonics Announces Leadership Transition
April 30 2024 - 8:00AM
IPG Photonics Corporation (NASDAQ: IPGP) (“IPG” or the “Company”)
today announced that its Board of Directors (the “Board”) has
appointed Mark Gitin, 57, as the next Chief Executive Officer of
the Company and as a member of the Board, effective June 5, 2024.
Dr. Gitin’s appointment follows a robust succession planning
process, which was conducted with the assistance of a leading
independent search firm and considered both internal and external
candidates. Following Dr. Gitin’s addition, the Board will expand
to 11 members.
Dr. Gitin will succeed Dr. Eugene Scherbakov,
76. Dr. Scherbakov is a co-founder of IPG and has spent 30 years
with the Company. He will remain a member of the Board and serve as
an advisor to the newly appointed CEO.
Dr. Gitin currently oversees the Photonics
Solutions Division at MKS Instruments, Inc., a business with more
than $1 billion in revenue. Dr. Gitin has more than 30 years of
experience in the lasers and optics sector and possesses extensive
technical and scientific expertise. Prior to joining MKS, he held
several executive roles at Coherent. Dr. Gitin has a Ph.D. in
Electrical Engineering from Cornell University, with a focus on
ultra-short pulse lasers.
“The entire Board has been focused on the next
phase of IPG’s evolution, and we are confident that now is the
right moment for an orderly transition to build on the strong
foundation that has been established to deliver sustainable and
profitable long-term growth,” said John Peeler, Non-Executive Chair
of the Board. “After thoroughly reviewing a broad range of
candidates, we selected Dr. Gitin to lead IPG due to his track
record as a strategic industry leader with the ability to identify
and execute growth opportunities. He has proven he can drive
operational excellence and manage both organic and inorganic
growth, and his impressive scientific background speaks for itself.
The Board looks forward to working with him and welcomes him to
IPG.”
In the near-term, IPG will continue to focus on
executing its stated strategic objectives, including diversifying
and growing revenue away from China, investing in emerging growth
products and continuing to generate strong cash flow and value for
stockholders.
Mr. Peeler continued, “The Board is
exceptionally grateful to Dr. Scherbakov for his significant
contributions over the last 30 years, and particularly during the
past three years when he took over as CEO from co-founder Valentin
Gapontsev during the COVID-19 pandemic. Additionally, Dr.
Scherbakov helped IPG successfully shift the Company’s
manufacturing capacity out of Russia following the beginning of the
conflict in Ukraine. Dr. Scherbakov strengthened IPG’s competitive
position and laid the foundation for its next phase by establishing
a clear strategic plan focused on key growth markets and
applications, reorganizing R&D and disposing of non-core
assets. He was able to manage a smooth and successful transition
when Dr. Gapontsev stepped down, and we look forward to continuing
to work with Dr. Scherbakov in his capacity as a director.”
“For more than three decades I have been
committed to the growth and success of IPG, and it has been an
honor to serve as CEO,” Dr. Scherbakov stated. “During the search
process, it became clear that Dr. Gitin possessed a unique
combination of relevant scientific expertise and a proven ability
as a successful operator in our industry. We are thrilled to have
secured Dr. Gitin as our next CEO, and I look forward to helping
him to make this transition seamless for our customers and other
stakeholders.”
“I have long-admired IPG as an industry leader
that has consistently been able to deliver innovative laser
products while maintaining a strong reputation and identity as a
science-led organization,” said Dr. Gitin. “I look forward to
getting to work and helping drive this next phase for the Company.
I would also like to thank the members of the Board, and especially
Dr. Scherbakov, both for how welcoming they have been throughout
this process and for their trust in me in this role.”
More About Mark Gitin Dr. Gitin
currently serves as Executive Vice President and General Manager,
Photonics Solutions Division of MKS Instruments, Inc. Dr. Gitin
joined MKS in September 2017 as Vice President and General Manager
of the Photonics Business Unit and in 2018, also assumed
responsibility for the Instruments and Motion Business Unit. At
MKS, Dr. Gitin was recruited to help drive the integration of the
Newport Corporation acquisition. Under Dr. Gitin’s leadership, the
business grew substantially in both revenue and profitability.
Prior to joining MKS, from March 1995 to
September 2017, Dr. Gitin held various management positions
covering a wide range of technologies at Coherent, Inc., including
Vice President of Strategic Marketing, Vice President of Business
Development, and Vice President and General Manager of the Diodes,
Fibers and Systems Business Unit.
Dr. Gitin holds a B.S. in Electrical Engineering
from the University of California, Davis and an M.Eng. and Ph.D. in
Electrical Engineering from Cornell University. He has been issued
five patents and has published peer-reviewed articles on lasers and
opto-electronic technologies.
Investor ContactEugene
FedotoffSenior Director, Investor Relations IPG Photonics
Corporation 508-597-4713efedotoff@ipgphotonics.com
Media ContactDan Zacchei / Joe
Germani IPG@longacresquarepartners.com
About IPG Photonics
CorporationIPG 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 develop innovative laser solutions making the world a better
place. 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. IPG
is headquartered in Marlborough, Massachusetts and has more than 30
facilities worldwide. For more information, visit
www.ipgphotonics.com.
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