Benny Buller Steps Down as Chief Executive Officer – Will Remain
on the Board of Directors
Brad Kreger, EVP of Operations has Been Appointed as Interim
Chief Executive Officer
The Company has Commenced a Search for a Permanent Chief
Executive Officer
Velo3D, Inc. (NYSE: VLD), a leading metal additive manufacturing
technology company for mission-critical parts, today announced that
Benny Buller has stepped down as the company’s Chief Executive
Officer at the request of the Company’s Board of Directors,
effective immediately. Mr. Buller will remain a member of the
Company’s Board of Directors.
“I want to thank Benny for his tireless efforts over the last
nine years from founding the company to making Velo3D the
technology leader in the rapidly growing additive manufacturing
industry,” said Carl Bass, Chairman of the Board of Velo3D. “We are
incredibly grateful to Benny for all his contributions. However,
given the current environment, the Board believed a change would
best position the company for future success. We look forward to
continuing to benefit from Benny’s experience at the board level as
we execute on our strategic technology and profitability
initiatives.”
The Board of Directors has appointed Brad Kreger as Interim CEO,
effective December 18, 2023 and the Company has commenced a search
for a permanent CEO. Mr. Kreger has been Executive Vice President
of Operations at the Company since December of 2022. Prior to
Velo3D, he has held various executive positions overseeing, and
rapidly scaling, manufacturing operations at a number of early and
mid-stage companies including tenures at Affymetrix, Thermo Fisher
Scientific, and Fluidigm Corporation.
Additionally, the Board of Directors has commenced a strategic
business review process to explore alternatives in order to
maximize shareholder value. Potential strategic alternatives to be
explored or evaluated may include, but are not limited to, a
strategic transaction, potential merger, business combination or
sale. There can be no assurance that the Company’s strategic review
process will result in any transaction or other strategic outcome.
The company does not expect any impact on its operations or its
ability to serve its customers during the review process. Velo3D
remains committed to driving strategic value for its customers,
employees, partners and shareholders.
Velo3D does not intend to disclose further developments on this
strategic review process unless and until it determines that such
disclosure is appropriate or necessary.
About Velo3D:
Velo3D is a metal 3D printing technology company. 3D
printing—also known as additive manufacturing (AM)—has a unique
ability to improve the way high-value metal parts are built.
However, legacy metal AM has been greatly limited in its
capabilities since its invention almost 30 years ago. This has
prevented the technology from being used to create the most
valuable and impactful parts, restricting its use to specific
niches where the limitations were acceptable.
Velo3D has overcome these limitations so engineers can design
and print the parts they want. The company’s solution unlocks a
wide breadth of design freedom and enables customers in space
exploration, aviation, power generation, energy, and semiconductor
to innovate the future in their respective industries. Using
Velo3D, these customers can now build mission-critical metal parts
that were previously impossible to manufacture. The fully
integrated solution includes the Flow print preparation software,
the Sapphire family of printers, and the Assure quality control
system—all of which are powered by Velo3D’s Intelligent Fusion
manufacturing process. The company delivered its first Sapphire
system in 2018 and has been a strategic partner to innovators such
as SpaceX, Honeywell, Honda, Chromalloy, and Lam Research. Velo3D
has been named as one of Fast Company’s Most Innovative Companies
for 2023. For more information, please visit Velo3D.com, or follow
the company on LinkedIn or Twitter.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1996. The Company’s actual
results may differ from its expectations, estimates and projections
and consequently, you should not rely on these forward-looking
statements as predictions of future events. Words such as “expect”,
“estimate”, “project”, “budget”, “forecast”, “anticipate”,
“intend”, “plan”, “may”, “will”, “could”, “should”, “believes”,
“predicts”, “potential”, “continue”, and similar expressions are
intended to identify such forward-looking statements. These
forward-looking statements include, without limitation, the
Company’s strategic business review and the potential outcomes
thereof and the Company’s other expectations, hopes, beliefs,
intentions, or strategies for the future. These forward-looking
statements involve significant risks and uncertainties that could
cause the actual results to differ materially from the expected
results. You should carefully consider the risks and uncertainties
described in the documents filed by the Company from time to time
with the SEC. These filings identify and address other important
risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking
statements. Most of these factors are outside the Company’s control
and are difficult to predict. The Company cautions not to place
undue reliance upon any forward-looking statements, including
projections, which speak only as of the date made. The Company does
not undertake or accept any obligation to release publicly any
updates or revisions to any forward-looking statements to reflect
any change in its expectations or any change in events, conditions,
or circumstances on which any such statement is based.
Velo, Velo3D, Sapphire, and Intelligent Fusion, are registered
trademarks of Velo3D, Inc. Without Compromise, Flow and Assure, are
trademarks of Velo3D, Inc.
All Rights Reserved © Velo3D, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20231215989720/en/
Media Contact: Dan Sorensen, Senior Director of Public
Relations press@velo3d.com
Investor Relations: Bob Okunski, VP Investor Relations
investors@velo3d.com
Velo3D (NYSE:VLD)
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