3D Systems said Tuesday in a form 8-K filing with the Securities and Exchange Commission that its two senior executives have resigned. Chief operating officer Mark Wright’s resignation is effective June 17. Chief marketing officer Cathy Lewis will leave on June 10. The 3D printing major did not announce their replacements. Shares of the company rose 1.92% to $14.01 in early trading Wednesday.
No compensatory or severance arrangements: 3D Systems
It is the first management shakeup since Vyomesh Joshi became the new CEO of the company in April. 3D Systems said in its filing that it had not entered into a new compensatory or severance arrangements with Wright or Lewis. Last month, 3D Systems reported Q1 revenues that missed analysts’ projections. The 3D printing market has been struggling with lower demand and decreased manufacturing.
Vyomesh Joshi has spent more than three decades at HP. He has a solid track record in turning around ailing businesses. Wall Street analysts have already given him a thumbs up, even though it could take him years to turn around 3D Systems. Joshi said during the company’s first-quarter earnings call that he had spent the first month listening to customers, partners, and employees.
Joshi to focus on quality, reliability and supply chain
Joshi has said that he would focus on improving quality, reliability, and supply chain to drive profitable growth. He believes that the Rock Hill-based company’s culture has become fragmented due to too many acquisitions. 3D Systems rival Stratasys said last week that its CEO David Reis had resigned, though he will remain on the company’s board of directors. Ilan Levin has become the new CEO of Stratasys.
Earlier this week, 3D Systems said it had prevailed in a lawsuit related to the purchase of certain website domains in 2011. A jury in the District Court for the District of Hawaii rendered a complete defense verdict in its favor. The lawsuit was filed by Ronald Barranco in August 2013, accusing the Rock Hill company of breaching its contract.