3D Systems President and CEO Vyomesh Joshi Announces Plans to Retire
February 06 2020 - 4:05PM
3D Systems (NYSE:DDD) today announced that President and CEO
Vyomesh (VJ) Joshi, 65, has notified the Board of Directors of his
decision to retire and the Board has initiated a search for his
successor. Joshi will continue to serve in his current role until a
new CEO is appointed and will then transition to be a strategic
advisor to the company. The company is partnering with
executive search firm Spencer Stuart to conduct a search for
Joshi’s successor.
“On behalf of the board of directors, I want to personally thank
VJ for his accomplishments at 3D Systems. He is a pioneer and a
visionary in digital manufacturing solutions and he has led this
company through a vital phase,” said Charles (Chip) McClure,
Chairman of the Board of Directors. “I have such great
respect for him and his career. He is a man of integrity and I am
grateful to have served alongside him.”
Joshi joined 3D Systems in April 2016. Under his
leadership, the company has stabilized financially, significantly
improved product quality and re-invigorated innovation across its
portfolio of 3D printing hardware, materials, software and services
to take digital manufacturing solutions from prototyping to
production.
“A lot of personal reflection and discussion with the Board have
gone into my decision. The deciding factor was our full confidence
that 3D Systems is ready for the next level,” Joshi said. “We
are poised for growth and we have built a great team, a strong
culture and a powerful portfolio. I am honored to have led 3D
Systems through such a pivotal stage and position the company for
profitable growth in its next chapter.”
Last week, the company announced it plans to hold a conference
call and simultaneous webcast to discuss its financial results for
the fourth quarter and full year 2019 on Wednesday, February 26,
2020, at 4:30 p.m. Eastern Time. For the fourth quarter of
2019, the company anticipates revenue will be in the range of $163
million to $165 million.
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 of 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 Systems More than 30 years ago, 3D
Systems brought the innovation of 3D printing to the manufacturing
industry. Today, as the leading digital manufacturing solutions
company, it empowers manufacturers to create products and business
models never before possible through transformed workflows. This is
achieved with the Company’s best-of-breed digital manufacturing
ecosystem - comprised of plastic and metal 3D printers, print
materials, on-demand manufacturing services and a portfolio of
end-to-end manufacturing software. Each solution is powered by the
expertise of the company’s application engineers who collaborate
with customers to transform manufacturing environments. 3D Systems’
solutions address a variety of advanced applications for
prototyping through production in markets such as aerospace,
automotive, medical, dental and consumer goods. More information on
the company is available at www.3dsystems.com.
Investor Contact:
investor.relations@3dsystems.comMedia
Contact: press@3dsystems.com
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