Israeli electronics 3D printer manufacturer Nano Dimension has appointed Julien Lederman as Interim Chief Executive Officer (CEO).
This news followed Yoav Stern’s immediate termination as CEO following earlier news had been removed from the company’s Board of Directors (BOD). A comprehensive search for a permanent CEO is underway, with the board aiming to stabilize the organization during this transition.
Having worked at Nano Dimension since 2021 as Vice President of Corporate Development, Lederman brings extensive experience from previous roles at Amazon, Goldman Sachs, Lehman Brothers, and the World Economic Forum. His academic credentials include an MBA from INSEAD and a BA from Colgate University.
Expressing confidence in Lederman’s leadership, Nano Dimension’s new Board Chairman Ofir Baharav remarked, “The Board is pleased and confident in our appointment of Julien Lederman as Interim Chief Executive Officer. The Board fully supports Julien during this transition period while we conduct a broad search for a permanent Chief Executive Officer.”
Leadership change and legal challenges converge
Yoav Stern, who served as CEO since 2020 and Board Chairman since 2021, presided over a period when Nano Dimension faced mounting challenges. Activist shareholder Murchinson, Nano Dimension’s largest investor with a 7.1% stake, repeatedly challenged Stern’s leadership, citing concerns over capital allocation and weak governance. Historically, a company can become a target for take-over when accumulating a sizeable cash reserve.
The activist shareholders embarked on a campaign that questioned the acquisition strategy with merger plans involving Desktop Metal and Markforged criticized as ‘overpriced’ and ‘misguided.’”
A pivotal moment came during Nano Dimension’s 2024 Annual General Meeting, where shareholders voted to remove Stern from the board. This decision followed a court ruling that validated Murchinson’s proposals to restructure the board and strengthen shareholder rights. Although Stern retained his position as CEO after losing his directorship, increasing pressure from investors likely contributed to his abrupt departure.
Nano Dimension faces further uncertainty surrounding its merger plans with Desktop Metal. A lawsuit filed by Desktop Metal alleges that Nano Dimension failed to meet its contractual obligations by not securing timely regulatory approval for the merger.
The lawsuit seeks specific performance, requiring cooperation with the Committee on Foreign Investment in the United States (CFIUS) to finalize the transaction. Additional requests include a court declaration of Nano Dimension’s breach and an injunction against potential actions hindering the deal.
Nano Dimension has pushed back against the claims, describing the lawsuit as “without merit” and asserting that it has complied with the terms of the agreement. An expedited hearing is scheduled for Monday next week, with a trial set to follow in January, adding legal complexities to the already uncertain merger process.
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Featured image shows Yoav Stern (left) and Julien Lederman (right): Leadership transition at Nano Dimension. Photo via Nano Dimension.
