Nano Dimension: CEO Yoav Stern loses seat on the Board of Directors following shareholder vote

Yoav Stern, CEO of Nano Dimension, was not re-elected to the Board of Directors at the company’s recent Annual General Meeting. While Stern continues in the role of CEO, the shareholders decided against his re-election to the board. Instead, candidates Ofir Baharav and Robert Pons, proposed by investment firm Murchinson, were elected. They will replace Stern and Michael Garrett.

The decision follows a lengthy conflict between Nano Dimension and Murchinson, which holds 7.1% of the company’s outstanding shares. Back in March 2023, an Israeli court validated a vote in favor of Murchinson, which proposed to remove several members of the board, including Stern. While the recent vote further strengthened Murchinson’s course, Stern will remain in his role as CEO for the time being.

Dr. Yoav Nissan-Cohen, Chairman of Nano Dimension’s Board of Directors, commented, “We welcome Ofir Baharav and Robert Pons to the Board and look forward to working together to build long-term value for our shareholders. We thank Yoav Stern and General Michael Garrett for their expertise and leadership in strategically positioning Nano Dimension for the future.”

The shareholder vote also confirmed that the company will continue to engage the auditors of Somekh Chaikin (KPMG). At the same time, the proposed remuneration for non-executive directors was approved, but not the remuneration for CEO Yoav Stern. Another proposal to “de-stagger” the Board of Directors was also rejected.

The tensions between Nano Dimension and Murchinson are also reflected in strategic issues. While Stern emphasized that he would resign if Murchinson had increased representation on the board, Murchinson recently criticized the acquisitions of Desktop Metal and Markforged. In an open letter to shareholders, the investment firm described both companies as “cash-consuming organizations with declining revenue growth” and questioned the profitability of these acquisitions.