Markforged Chief Financial Officer Mark Schwartz has stepped down from his role effective May 15th.
While it comes just weeks after the company received a non-compliance notice from the New York Stock Exchange, Markforged says Schwartz’s departure is ‘not related to any disagreements concerning operating, accounting or financial reporting matters.’
Markforged has now commenced a search for a new Chief Financial Officer, with Senior Vice President of Strategy & Corporate Development Assaf Zipori assuming the role of Acting Chief Financial Officer in the interim. Schwartz will serve in an advisory role through to July 15th to ensure a smooth transition.
“Since joining Markforged, Mark has made a significant contribution to the company,” commented Markforged President and CEO Shai Terem. “With his support and leadership, Markforged went public through its merger with one in July 2021 and built a high-performing team. He leaves the company in a strong position to continue to execute on our strategic plan, and I wish him all the success in his future endeavours.”
“It has been an honour to have helped Markforged through a period of significant transformation and to build the infrastructure needed to operate as a public company,” offered Schwartz. “I’m extremely proud of the entire team at Markforged and look forward to watching the company’s continued success and to supporting Assaf during the transition.”
Zipori previously served as Acting Chief Financial Officer of Markforged between November 2019 and March 2021, before assuming his Strategy & Corporate Development position in April 2021. During his tenure as Acting CFO, Markforged announced its agreement to merge with special purpose acquisition company (SPAC) one, which took the Boston-based 3D printing firm onto the New York Stock Exchange later that year.
“Assaf is well-prepared to support us in this key position having served as Markforged’s Acting CFO and leading our financial team prior to the company’s merger with one,” added Terem. “He is a pivotal part of our leadership team and I’m extremely confident that the company is in good hands with Assaf temporarily assuming this expanded role.”
Since receiving a notice from the NYSE last month, Markforged’s stock has continued to trade at under $1.00, with the company given another five months to comply with Rule 802.01C of the NYSE’s Listed Company Manual.
Though the company faces challenges on the stock market, it has recently moved into a new Global Headquarters and showcased hardware improvements to its PX100 metal binder jet system at the recent RAPID + TCT event.
