- After about four years in the position
- Praise, thanks and good wishes for Burger
- Yuval Wasserman taking over temporarily
- Burger said 69 words
(exechange) — Lake Mary, Florida, May 3, 2023 — Michael Burger, chief executive of Faro, leaves his position. As announced by Faro Technologies Inc. in a news release on Wednesday, May 3, 2023, Michael D. Burger leaves his post as chief executive officer at the specialist in 3D measurement, after about four years in the role, effective July 1, 2023.
Michael Burger’s duties as CEO will be taken over temporarily by Yuval Wasserman, most recently Chairman at Faro Technologies Inc., as Interim Chief Executive Officer.
“Optimize our business”
Faro did not give an explicit reason for Michael Burger’s departure from the CEO post. Yuval Wasserman, chairman of the board, stated: “As we continue to pursue our strategy and optimize our business, we will accelerate the process of hiring a new CEO for Faro.”
Precise information regarding Michael Burger’s future plans was not immediately available.
Faro said: “Michael Burger has informed the company that he intends to retire as president & chief executive officer and such retirement will be effective July 1st, 2023.”
Share price decline since May 2020
The announcement follows a decline in Faro Technologies Inc.’s share price of 56% since May 2020.
In the position of CEO since 2019
Michael Burger became CEO of the Company in 2019.
Burger will remain as a strategic advisor to the Company and to Wasserman, to assist in the transition.
Michael D. Burger has served as the Company’s President and Chief Executive Officer and a director since June 17, 2019.
Prior to joining the Company, he served as President and Chief Executive Officer and a member of the board of directors of Electro Scientific Industries, Inc. (Nasdaq: ESIO), a leading supplier of innovative laser-based microfabrication solutions for industries reliant on microtechnologies, from October 2016 to February 2019, when it was acquired by MKS Instruments, Inc. (Nasdaq: MKSI).
Prior to joining Electro Scientific Industries, Inc., Burger was President and Chief Executive Officer of Cascade Microtech, Inc., a manufacturer of advanced wafer probing, thermal and reliability solutions for the electrical measurement and testing of high-performance semiconductor devices, from July 2010 to June 2016.
From April 2007 to February 2010, he served as the President and Chief Executive Officer and as a member of the board of directors of Merix Corporation (“Merix”) (Nasdaq: MERX), a printed circuit board manufacturer. Burger also served as a member of the Board of Directors of ViaSystems Group, Inc. from February 2010 after it acquired Merix until May 2015.
From November 2004 until joining Merix, he served as President of the Components Business of Flex Ltd. (Nasdaq: FLEX).
From 1999 to November 2004, Burger was employed by ZiLOG, Inc., a supplier of devices for embedded control and communications applications.
From May 2002 until November 2004, he served as ZiLOG’s President and a member of its board of directors.
Burger holds a B.S. in Electrical Engineering from New Mexico State University and a certificate from the Stanford University International Executive Management Program.
69 words by Michael Burger
In the news release announcing his departure as CEO of Faro Technologies Inc., Michael Burger received praise, thanks and good wishes.
In announcing his departure, Michael Burger said 69 words.
“I am proud”
Michael Burger stated: “Throughout my four years as president and chief executive officer of Faro, we have focused on building a clear strategy to drive the long-term growth of the Company. I am proud of the progress our employees have made and I have very high confidence in the team of highly experienced leaders we have built. I look forward to working with our board and Yuval to ensure a smooth transition.”
41% of CEOs are forced out or fired
When CEO departures are announced, exechange determines the Push-out Score on a scale of 0 to 10 to assess how likely it is that the chief executive was pushed out or felt pressure to leave the position, with 0 being most likely a voluntary move and 10 being most likely a forced exit. Anything over a 5 indicates that there are valid reasons to believe an executive may have been pushed out.
Of the 314 CEO departures in the Russell 3000 Index evaluated over the past 12 months (May 3, 2022, to May 2, 2023), the average Push-out Score was 6.2, according to exechange data. References to conduct issues, disagreements and irregularities lead to the highest Push-out Scores. When performance issues, pursuit of other opportunities or time with family were cited as departure reasons, the average Push-out Scores were also significantly elevated.
Around 41% of the CEO departure events from the past 12 months received Push-out Scores of 8 or higher.
In other words, in the past 12 months, two in five departing CEOs were forced out or fired.
Push-out Score for Michael Burger’s move determined
The Push-out Score regarding Michael Burger’s move is explained point by point in the exechange report.
exechange reached out to Faro and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 19.2023 ($).