After nine years at the helm of 3D metal printing specialist Velo3D, company founder Benny Buller has stepped down as CEO at the request of the Board of Directors. However, he remains a member of the board. The former Vice President of Operations, Brad Kreger, has been appointed interim CEO.
Velo3D’s share price fell to below USD 1 in December. The company is now examining strategic options that, according to Supervisory Board Chairman Carl Bass, should build on the foundation of Buller’s technology leadership in additive manufacturing.
Kreger is to safeguard operations until a permanent CEO successor is found. In view of the difficult market conditions, the Supervisory Board considered a change at the top to be necessary, according to Bass.
It is currently unclear whether Velo3D will be sold, merged or otherwise strategically realigned. Bass emphasized that Buller’s technological legacy will play a key role in this.
The separation from the founder comes at a difficult time. Kreger and the new CEO must navigate Velo3D through the crisis and convince potential new owners of its future viability.
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