3D Systems Corporation CEO Avi Reichental Resigns, Stock Down

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3D Systems Corporation CEO Avi Reichental Resigns, Stock Down
Image Credit: 3D Systems Corporation

3D Systems shares plunged 5.25% to $10.28 on Wednesday after it announced that Avi Reichental has stepped down as President and CEO of the company. Reichental led the company for 12 years. 3D Systems has appointed Chief Legal Officer Andrew Johnson as interim CEO, and established an executive management committee to support operations and strategic initiatives.

It was ‘mutual agreement’ with the board

The Rock Hill-based 3D printing company didn’t give reason for his resignation. However, 3D Systems said it was “mutual agreement” with the board. Reichental’s resignation came into effect on Wednesday. S&P Capital IQ analyst Angelo Zino said the outgoing CEO was “pushed out” due to the company’s struggles and investor frustration over the last couple of years.

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