Benny Buller has stepped down as CEO of Velo3D on the request of the corporate’s Board of Administrators.
Buller, who based the steel additive manufacturing agency, will stay on the corporate’s Board. Brad Kreger, Velo3D’s EVP of Operations, has been appointed because the Interim CEO as the corporate commences its seek for a everlasting CEO.
The departure of Buller comes as Velo3D’s share worth has been buying and selling at beneath 1 USD for many of December. With Buller stepping down, Velo3D has commenced a strategic enterprise assessment course of to discover strategic alternate options which will embody, however are usually not restricted to, a strategic transaction, potential merger, enterprise mixture or sale. Velo3D says it does not count on any affect on its operations or its means to serve its prospects through the assessment course of and has outlined that the corporate ‘stays dedicated to driving strategic worth for its prospects, staff, companions and shareholders.’ Additional developments on this strategic assessment course of won’t be disclosed ‘until and till it determines that such disclosure is acceptable or needed.’
“I need to thank Benny for his tireless efforts over the past 9 years from founding the corporate to creating Velo3D the expertise chief within the quickly rising additive manufacturing business,” commented Carl Bass, Chairman of the Board of Velo3D. “We’re extremely grateful to Benny for all his contributions. Nonetheless, given the present setting, the Board believed a change would finest place the corporate for future success. We look ahead to persevering with to learn from Benny’s expertise on the board stage as we execute on our strategic expertise and profitability initiatives.”
The Board of Administrators has appointed Brad Kreger as Interim CEO, efficient December 18, 2023 and begun its seek for a everlasting CEO. Mr. Kreger has been Government Vice President of Operations on the Firm since December of 2022. Previous to Velo3D, he has held numerous government positions ‘overseeing, and quickly scaling, manufacturing operations’ at various early and mid-stage corporations together with tenures at Affymetrix, Thermo Fisher Scientific, and Fluidigm Company.
Earlier this 12 months, William McCombe resigned from his place of CFO at Velo3D.
