3D Systems President and CEO Vyomesh (VJ) Joshi, 65, has notified the Board of Directors of his decision to retire and the Board has initiated a search for his successor. Joshi will continue to serve in his current role until a new CEO is appointed and will then transition to be a strategic advisor to the company. The company is partnering with executive search firm Spencer Stuart to conduct a search for Joshi’s successor.
“On behalf of the board of directors, I want to personally thank VJ for his accomplishments at 3D Systems. He is a pioneer and a visionary in digital manufacturing solutions and he has led this company through a vital phase,” said Charles (Chip) McClure, Chairman of the Board of Directors. “I have such great respect for him and his career. He is a man of integrity and I am grateful to have served alongside him.”
Joshi joined 3D Systems in April 2016. It was a very difficult time for the company, struggling to recover from the post-hype period and with the need to stabilize and fully integrate the may acquisitions conducted by Mr. Joshi’s predecessor Avi Reichental. Under his leadership, the company has stabilized financially, significantly improved product quality and re-invigorated innovation across its portfolio of 3D printing hardware, materials, software and services to take digital manufacturing solutions from prototyping to production. 3dpbm had the opportunity to sit down with Mr. Joshi – midway through his cycle at 3DS – and discuss progress and strategy in late 2018.
This was 3D Systems’ stock’s performance during Mr. Joshi’s tenure:
“A lot of personal reflection and discussion with the Board have gone into my decision. The deciding factor was our full confidence that 3D Systems is ready for the next level,” Joshi said. “We are poised for growth and we have built a great team, a strong culture and a powerful portfolio. I am honored to have led 3D Systems through such a pivotal stage and position the company for profitable growth in its next chapter.”
Last week, the company announced it plans to hold a conference call and simultaneous webcast to discuss its financial results for the fourth quarter and full-year 2019 on Wednesday, February 26, 2020, at 4:30 p.m. Eastern Time. For the fourth quarter of 2019, the company anticipates revenue will be in the range of $163 million to $165 million.