Today, leading 3D printing provider and manufacturer Stratasys (NASDAQ:SSYS) announced that Ilan Levin, the company’s Director and CEO, will be stepping down from his position on 1 June 2018.
At the end of his term, Levin will have served as Stratasys CEO for two years, and Director of the company for over five years, when he graduated to the position after over a decade as President and Vice Chairman of Objet Ltd. (which merged with Stratasys in 2012).
In an official statement from the Stratsys Chairman of the Board Elan Jaglom, who will be assuming the role of interim CEO, Levin was thanked for his contributions to the company over the course of the last 15 years. “Ilan has implemented a number of key decisions as CEO that have kept the Company strong and ready for future expansion,” comments Jaglom.
“We thank Ilan for his dedicated leadership of our Company during this phase in Stratasys’ history.”
In addition to Jaglom, an Oversight Committee has been put in place to help in the management of the company at this stage. This committee comprises the Company’s Vice Chairman of the Board, Executive Director and former CEO, David Reis, Founder and former chairman Scott Crump, and Board Director Dov Ofer.
Continuing a downward trend
The news of Elan’s departure comes after a disappointing first quarter for Stratasys at the start of 2018.
As 3D Printing Industry previously reported, “net sales at Stratasys continue to fall in Q1 2018, and rather than a blip on an otherwise upward trajectory – the reverse appears to be the case. First quarter data for product sales has declined in every period since 2014.”
Following Stratasys’ Q1 financial results, we also spoke directly with Levin who responded, “We are witnessing a strong appetite in the market for AM technologies, specifically for exploratory efforts related to new technologies brought to market,”
“We observe this dynamic when introducing new products, and have benefited in the past from the high growth that results from this kind of “try and buy” behaviour as customers develop use cases.”
New and upcoming products from Stratasys
The most recent product line released by Stratasys is the F123 series that has proved a popular addition to the market.
In April 2018, the company announced the formation of two subsidiaries, Vulcan Labs, Inc. and Evolve Additive Solutions, respectively aimed to promote the use of PBF technology, and introduce a new 3D printer technology to the market.
3D Printing Industry will be keeping our readers informed of any further updates on a new Stratasys CEO.
Featured image shows Ilan Levin, soon to be former CEO and Director of Stratasys. Photo via Stratasys