Recent financial disappointments, in the wake of the hype bubble burst, have driven 3D printing industry leaders Stratasys and 3D Systems to make changes in their corporate structures. While the CEO of MakerBot and the GM of MakerBot Europe have been replaced with Stratasys VPs, in addition to a large sweep of MakerBot layoffs, 3D Systems has “entered into a mutual separation agreement with [Chief Financial Officer] Ted Hull.”
After acting as the company’s CFO since November of last year, the CFO “will leave the company in order to meet company needs and to pursue his personal interests” by the end of today. In his place will be 3DS’ current Chief Accounting Officer David Styka. Styka has been with the company since the beginning of this year, before which he worked a Vice President at Family Dollar in various forms since 2008.
3DS President and CEO Avi Reichental said of the news, “We are deeply grateful to Ted for his stewardship of our Finance organization and wish him much success in his pursuit of other personal interests. We are very fortunate to have a strong and capable financial executive of the caliber of Dave Styka ready to assume the role of Chief Financial Officer. Since his arrival at 3D Systems, Dave has gained a deep understanding of our business and quickly has become a key advisor to me and the rest of our senior leadership team. Dave brings substantial finance and accounting leadership experience to the role and we are confident taking the next leg of our growth journey with him as our CFO.”
We don’t know if the change in executives has anything to do with the drop in stock and subsequent Q1 earnings, but investors can hope that the new CFO will bring a fresh perspective to the company’s financial decisions. For the complete 8-K filing regarding the new leadership, click here.
