Velo3D has appointed Hull Xu to the position of Chief Financial Officer, with Michelle Sidwell stepping into the newly created position of Chief Commercial Officer.
It comes as Velo3D makes changes to its leadership structure and realigns certain initiatives as part of plans to maximise cash flow and operational efficiency.
Xu replaces acting CFO Bernard Chung, who is leading the company at the of April to pursue a new opportunity, while Sidwell transitions from her role as Executive Vice President of Global Sales and Business Development to unify sales, product strategy, and customer service as Chief Commercial Officer.
Velo3D has recruited Xu from Cepton, Inc, where he served as CFO after previous stints at the Royal Bank of Canada, Barclays Capital, and GE Capital. Xu boasts more than 15 years of corporate finance experience in the technology industry and will be responsible for finance, accounting, treasury, corporate development, and investor relations activities as he assumes his new role at Velo3D.
Chief Marketing Officer Renette Youssef will also be leaving the company to pursue other opportunities.
“We are excited to announce the appointment of Hull as Chief Financial Officer. He is a highly accomplished financial executive who brings more than 15 years in financial, operating and capital market experience to Velo3D and his knowledge will be critical in the execution of our strategic priorities,” said Brad Kreger, CEO of Velo3D. “I would also like to thank Bernie for his dedication and guidance, especially over the last six months, as we positioned the company for future success and wish him the best of luck in his future endeavours.
“Additionally, we are also pleased to announce the appointment of Michelle Sidwell as our Chief Commercial Officer. Michelle has been instrumental in rebuilding our bookings pipeline in addition to working tirelessly to improve the success of our customers. We believe that by combining all customer facing responsibilities into one organisation, we will improve organisational efficiency, accelerate our ability to respond to customer feedback and provide a comprehensive go to market approach.
“Overall, I am very pleased with our strategic initiative execution so far this year. We are successfully rebuilding our backlog and pipeline as we booked $27 million in new orders since mid-December 2023. Also, our efforts to improve system reliability are paying off as we are seeing increased orders from existing customers while rapidly expanding our footprint in the defence sector. Finally, we are continuing to execute on our cost realignment programs to improve margins and cash flow.”
Earlier this month, Velo3D appointed Nancy Krystal as Vice President, General Counsel, and closed 12 million USD public offering.