In a significant change of leadership for Stratasys Ltd., Ilan Levin has announced his resignation as Chief Executive Officer and Director of the global 3D printing company effective June 1, 2018. Chairman of the Board Elchanan (Elan) Jaglom will take on the role of interim CEO until a permanent replacement is appointed.
Levin, who served as CEO for Stratasys since 2016 and as Director since 2012, will reportedly continue to provide consultancy services to Stratasys after his resignation.
“The Board of Directors is appreciative of Ilan’s contributions to Stratasys and Objet for over 15 years,” said Elan Jaglom. “Ilan has implemented a number of key decisions as CEO that have kept the Company strong and ready for future expansion. We thank Ilan for his dedicated leadership of our Company during this phase in Stratasys’ history.”
During the interim period, Stratasys’ Board of Directors has appointed an Oversight Committee —consisting of David Reis, the Vice Chairman of the Board, Executive Director and former CEO; Director Scott Crump; and previous Chairman and company founder Dov Ofer—to support the company’s management.
To aid in the recruitment of a new CEO for the 3D printing company to replace Levin, Stratasys’ Board of Directors has also set up an Executive Search Committee which will work with an international executive search firm to find a suitable CEO. This committee is comprised of interim CEO Elon Jaglom and Victor Leventhal, the Chairman of the Compensation Committee of the Board of Directors.
Under Levin’s leadership, 3D printing giant Stratasys experienced some ups and downs. While the company did unveil some exciting new products—such as the F900 Production 3D Printer, a new and improved J735 polyjet system and a new PEKK-based high-performance thermoplastic—it has also reckoned with some underwhelming financial results.
In fact, in the immediate aftermath of Levin’s resignation, MarketWatch reported that Stratasys shares experienced a 7.3% drop in premarket trade.
Still, the company is pushing ahead with new 3D printing technologies and products. For one, Stratasys recently announced it was developing an inkjet-based metal 3D printing system—its first step into the metal AM market. The company is also preparing to introduce its new Selective Toner Electrophotographic Process (STEP) process which promises ultra-fast print speeds.
We’ll be keeping a keen eye on Stratasys to see who it will choose to take up the mantle as new CEO.