3D Systems has appointed former Hewlett-Packard executive Vyomesh Joshi as its new President and Chief Executive Officer. The company said in a statement that Joshi will replace interim CEO Andy Johnson, effective immediately. Joshi is one of the biggest names in traditional printing business who “forever changed” HP’s printing division from the ground up.
He doubled profits of HP’s printing unit
Vyomesh Joshi served at HP’s printing unit and other operations between 1980 and 2012. He has spent the last four years serving on various boards and advising startups that will come handy in the new role. While leading HP’s printing business, he doubled the printing unit’s operating profits during an 11-year period. 3D Systems said he brings significant experience in developing and managing a broad product portfolio.
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In October 2015, the company’s former CEO Avi Reichental stepped down in a mutual agreement with the board. The Rock Hill-based company said Andrew Johnson will continue to serve as executive vice-president and chief legal officer. The past two years have proved challenging for 3D Systems, with its stock declining more than 71%. The company has exited its consumer business to focus on enterprises.
Need to develop innovative products: Vyomesh Joshi
Vyomesh Joshi has a lot of work to do. 3D Systems has acquired dozens of companies in the last few years, which has created a fragmented culture at the company. In an interview with Re/code, he said he was looking to fix operational and product quality issues. He said 3D Systems had a strong history in place, but the company needed to develop “innovative products with unprecedented quality and service levels to drive sustainable growth and profits.
The 3D printing company said Vyomesh Joshi was committed to leveraging the heritage and strength of 3D Systems to transform the business. Joshi sees huge potential in markets like aerospace, healthcare and automobile. But enterprises in these areas want machines that they can keep up and running 24 hours a day, seven days a week. Last month, Gabelli & Co. analyst Hendi Susanto said 3D Systems would likely see negative sales performance in 2016 as macroeconomic conditions are not favorable.