- Push-out Score determined
- After less than four years in the position
- Praise and thanks for Joshi
- Search for a successor
- Joshi said 74 words
(exechange) — Rock Hill, South Carolina, February 6, 2020 — VJ Joshi, chief executive of 3D Systems, leaves. As announced by 3D Systems Corp. in a news release and in a regulatory filing published on Thursday, February 6, 2020, Vyomesh I. (VJ) Joshi leaves his post as chief executive officer at the maker of 3D printers after less than four years in the role.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.5 years, according to data compiled by exechange.
The announcement of VJ Joshi’s move comes 16 months after Charles (Chip) McClure took over as Chairman of 3D Systems Corporation.
Joshi will continue to serve in his current role until a new CEO is appointed and will then transition to be a strategic advisor to the company.
3D Systems will undertake a search for a successor.
VJ Joshi’s departure from the CEO post is explained as follows. Joshi said: “A lot of personal reflection and discussion with the Board have gone into my decision. The deciding factor was our full confidence that 3D Systems is ready for the next level.”
3D Systems said: “President and CEO Vyomesh (VJ) Joshi, 65, has notified the Board of Directors of his decision to retire and the Board has initiated a search for his successor.”
3D Systems further said: “On February 5, 2020, Vyomesh I. Joshi notified the Board of Directors (the “Board”) of 3D Systems Corporation (the “Company”) of his intention to retire as President and Chief Executive Officer of the Company effective as of the date that his successor becomes President and Chief Executive Officer of the Company (the “Retirement Date”).”
Share price decline
The announcement follows a decline in 3D Systems Corp.’s share price of 22% since April 2016.
Chaired by Charles (Chip) McClure
3D Systems Corp. is chaired by Charles (Chip) McClure.
McClure has served as the Chairman of the Board of Directors of 3D Systems since October 2018. McClure has served as a Managing Partner of Michigan Capital Advisors since 2014 and has more than 35 years of experience in the transportation industry.
In the position of CEO since 2016
VJ Joshi became CEO of the Company in 2016.
In connection with Joshi’s decision to retire, he announced that he will resign as a member of the Company’s Board, effective as of the Retirement Date.
Joshi has served as the President and Chief Executive Officer of the Company since April 2016.
From 2001 to 2012, he was Executive Vice President of Hewlett-Packard’s (“HP”) Imaging and Printing Group, following two decades of research, engineering and management in HP’s imaging and printing systems.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to 3D Systems and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 6.2020 ($).