3D Systems announced the departure of its chief financial officer, Ted Hull effective today, May 15, 2015. Hull vacated his position to meet company needs and pursue his personal interests.
The stock price of 3D Systems was down 4% to $21.11 per share at the time of this writing, around 10:57 A.M. in New York.
Avi Reichental, president and CEO of 3D Systems said, “We are deeply grateful to Ted for his stewardship of our finance organization and wish him much success in his pursuit of other personal interests.”
3D Systems names new CFO
3D Systems appointed David Styka, its current chief accounting officer to serve as executive vice president and CFO. He joined the company in January from Family Dollar Stores where he served as Vice President—Finance and Treasurer.
Prior to that, Styka also assumed the position of Divisional Vice President—Tax and Inventory at Family Dollar. He also worked in public accounting at Ernst & Young and Deloitte & Touche.
Commenting on his appointment Reichental said, “We are very fortunate to have a strong and capable financial executive of the caliber of Dave Styka ready to assume the role of Chief Financial Officer. Dave brings substantial finance and accounting leadership experience to the role, and we are confident taking the next leg of our growth journey with him as our CFO.”
Reichental added that Styka gained a deep understanding of the company’s business and became a key advisor to her and the rest of the senior leadership team of 3D Systems.
Styka holds BSBA in Accounting from John Carroll University and an MBA from Wake Forest University. He has a CPA certification from the state of North Carolina.
3D System expected to tumble further
Barron’s recently forecasted that the stock price of 3D Systems will decline 30% to $15 per share.
The bearish forecast came after the company reported its financial performance for the first quarter of 2015. 3D Systems posted non-GAAP earnings of $0.05 per share on $160 million in revenue. On a GAAP basis, the company recorded $0.12 losses per share.
Over the past 52 weeks, the shares of 3D Systems traded between $21.05 and $69.56 per share. Year-to-date, the company lost nearly 36% of stock value.
Last week, Pacific Crest analyst Weston Twigg commented, “We see long-term risk that 3D Systems’ closed ecosystem approach will be disrupted by new entrants and sector specialists, and we are skeptical of its ability to sustainably improve margin.” He reduced his 2015 earnings estimate for 3D Systems to $0.44 per share from $0.53 per share.
