3D Systems announced that President and CEO Avi Reichental has stepped down effective October 28, after “a mutual agreement with the company’s board of directors”.
Aside from that no specific reason was given by 3D Systems. Reichental stated: “I am deeply grateful to have had the opportunity to lead and build this fine company for the past 12 years, and I am excited about its future.”
The board of directors has established an executive management committee, led by co-founder, director and CTO Charles Hull, to provide ongoing leadership and to support company-wide operations and strategic initiatives. Chief Legal Office Andrew Johnson will serve as interim president and CEO, while the board of directors is looking for a new CEO.
Charles Hull on the latest news: “We are profoundly grateful for the visionary leadership Avi has provided to our business and to our industry, and we wish him well in his future endeavors. As our industry continues to evolve and we look to the future, we are focused on aligning our resources and programs to best serve our customers and are excited about the many opportunities ahead.”
Reichental has led the company as CEO since 2003, succeeding Hull and overseeing a number of acquisitions such as Geomagic, LayerWise, Simbionix, Cimatron and botObjects. While 3D Systems’ share has steadily declined from its trading high in January 2014, the company is currently also fighting a $ 11 million arbitration fee lawsuit from Print3D.