3D Systems announced their CEO Vyomesh Joshi will retire and will remain as CEO until replaced.
The company has launched an executive search process, and I have no idea who they might choose for this role. But that’s why this is such an interesting development.
3D Systems installed Joshi as CEO in April 2016, making his tenure approximately four years. Joshi came from a background in the 2D industry, from HP. During his reign at 3D Systems there was no significant change in the financials for the company, which has been suffering from quarterly losses for quite some time now. While Joshi made notable gains in expense control, the matter of significant new revenue seemed elusive, with the exception of their Healthcare initiatives. Perhaps this had some affect on the decisions being made?
I’ve been suspecting 3D Systems would make a change of some kind for quite a while, and in fact this move was literally one of my “Four Far Out Predictions for 2020”. One of the possibilities I described was a change in management at the company, and that indeed is what’s going down now.
Why is this important? Let me list a few reasons:
The company needs a big change as the current approaches don’t seem to be effective. You don’t change by doing the same things!
The company’s Board of Directors will define a strategy to go forward with, and they will select a new CEO who is uniquely qualified to execute that strategy.
We will be able to derive some of the strategy by looking at the qualifications of the new CEO.
3D Systems is still one of the largest players in the space, and they have the resources to do big things.
It’s not clear when the new person will show up at 3D Systems, but I wouldn’t be surprised if it is April, as the previous CEO may be on an annual contract.
Via EIN News