Velo3D
Benny Buller has stepped down as CEO of Velo3D at the request of the company's Board of Directors.
Buller, who founded the metal additive manufacturing firm, will remain on the company's Board. Brad Kreger, Velo3D's EVP of Operations, has been appointed as the Interim CEO as the company commences its search for a permanent CEO.
The departure of Buller comes as Velo3D's share price has been trading at below 1 USD for most of December. With Buller stepping down, Velo3D has commenced a strategic business review process to explore strategic alternatives that may include, but are not limited to, a strategic transaction, potential merger, business combination or sale. Velo3D says it does not expect any impact on its operations or its ability to serve its customers during the review process and has outlined that the company 'remains committed to driving strategic value for its customers, employees, partners and shareholders.' Further developments on this strategic review process will not be disclosed 'unless and until it determines that such disclosure is appropriate or necessary.'
“I want to thank Benny 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,” commented Carl Bass, Chairman of the Board of Velo3D. “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.”
The Board of Directors has appointed Brad Kreger as Interim CEO, effective December 18, 2023 and begun its search for a permanent CEO. Mr. Kreger has been Executive Vice President of Operations at the Company since December of 2022. Prior to Velo3D, he has held various executive positions 'overseeing, and rapidly scaling, manufacturing operations' at a number of early and mid-stage companies including tenures at Affymetrix, Thermo Fisher Scientific, and Fluidigm Corporation.
Earlier this year, William McCombe resigned from his position of CFO at Velo3D.
