- The Company has Commenced a Search for a Permanent Chief Executive Officer while Brad Kreger, EVP of Operations will serve as an Interim Chief Executive Officer.
Velo3D, Inc., a leading metal additive manufacturing technology company for mission-critical parts, announced that Benny Buller had resigned as CEO at the request of the Company’s Board of Directors, effective immediately. Mr. Buller will continue to serve on the Board of Directors of the Company.
The Board of Directors has appointed Brad Kreger as Interim CEO, effective December 18, 2023, and the search for a permanent CEO has begun. Mr. Kreger has been the Company’s Executive Vice President of Operations since December 2022. Prior to joining Velo3D, he held executive positions overseeing and rapidly scaling manufacturing operations at a number of early and mid-stage companies, including Affymetrix, Thermo Fisher Scientific, and Fluidigm Corporation.
Benny Buller Steps Down as CEO of Velo3D
The company achieved many milestones under Benny Buller’s leadership. It delivered its first Sapphire system in 2018 and has worked with pioneering companies and innovators such as SpaceX, Honeywell, Honda, Chromalloy, and Lam Research as a strategic partner. Velo3D was also named Fast Company’s Most Innovative Companies for 2023.
“I want to thank Benny Buller 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.”– Carl Bass, Chairman of the Board of Velo3D
Bass added, “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.”
In addition, the Board of Directors has begun a strategic business review process to investigate alternatives for increasing shareholder value. A strategic transaction, potential merger, business combination, or sale are examples of potential strategic alternatives to be explored or evaluated. There is no guarantee that the Company’s strategic review process will result in a transaction or another strategic outcome. During the review process, the company does not expect any impact on its operations or ability to serve its customers. Velo3D is still dedicated to creating strategic value for its customers, employees, partners, and shareholders.
Velo3D does not intend to disclose further developments in this strategic review process unless and until such disclosure is deemed appropriate or necessary.
Velo3D has overcome many metal 3D printing limitations over the years, allowing engineers to design and print the parts they need. The company’s solution enables customers in space exploration, aviation, power generation, energy, and semiconductor to innovate the future in their respective industries by unlocking a wide range of design freedom. These customers can now build mission-critical metal parts that were previously impossible to manufacture using Velo3D. The fully integrated solution includes Velo3D’s Intelligent Fusion manufacturing process, the Flow print preparation software, the Sapphire family of printers, and the Assure quality control system.
Earlier in September 2023, William McCombe had resigned as the company’s Chief Financial Officer, effective September 29, 2023, to pursue other career opportunities.
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