- After about three years in the position
- Praise and thanks for Scherbakov
- Mark Gitin taking over
- Scherbakov said 85 words
(exechange) — Marlborough, Massachusetts, April 30, 2024 — Eugene Scherbakov, chief executive of IPG Photonics, leaves his position. As announced by IPG Photonics in a news release and in a regulatory filing published on Tuesday, April 30, 2024, Eugene A. Scherbakov leaves his post as chief executive officer at the specialist in high-power fiber lasers and amplifiers, after about three years in the role, effective June 5, 2024.
Generally speaking, it raises questions when a CEO leaves his post at short notice.
Eugene Scherbakov’s duties as CEO will be taken over by Mark Gitin, previously Executive Vice President and General Manager, Photonics Solutions Division at MKS Instruments, Inc.
The fact that Eugene Scherbakov’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“Now is the right moment”
The management change is explained as follows. John Peeler, Non-Executive Chair of the Board, stated: “The entire Board has been focused on the next phase of IPG’s evolution, and we are confident that now is the right moment for an orderly transition to build on the strong foundation that has been established to deliver sustainable and profitable long-term growth.”
Precise information regarding Eugene Scherbakov’s future plans was not immediately available.
“Transition”
IPG Photonics said: “Dr. Eugene Scherbakov will transition from his role as the Company’s Chief Executive Officer, effective as of June 5, 2024.”
Share price decline since May 2021
The announcement follows a decline in IPG Photonics’s share price of 58% since May 2021. May 2021 is the month in which Scherbakov’s tenure as CEO began.
In the position of CEO since 2021
Eugene Scherbakov became CEO of the Company in 2021.
Scherbakov is a co-founder of IPG and has spent 30 years with the Company.
He will remain a member of the Board and serve as an advisor to the newly appointed CEO.
Eugene A. Scherbakov, Ph.D. has served as the Company’s Chief Executive Officer since May 2021.
Prior to that, he was Chief Operating Officer since February 2017, Managing Director of IPG Laser GmbH, the Company’s German subsidiary, since August 2000 and Senior Vice President, Europe, since 2013.
He served as the Technical Director of IPG Laser from 1995 to August 2000.
From 1983 to 1995, Scherbakov was a senior scientist in fiber optics and head of the optical communications laboratory at the General Physics Institute, Russian Academy of Science in Moscow.
Scherbakov graduated from the Moscow Physics and Technology Institute with an M.S. in Physics.
In addition, Scherbakov attended the Russian Academy of Science in Moscow, where he received a Ph.D. in Quantum Electronics from its Lebedev Physics Institute and a Dr.Sci. degree in Laser Physics from its General Physics Institute.
85 words by Eugene Scherbakov
In the release announcing his departure as CEO of IPG Photonics, Eugene Scherbakov received praise and thanks.
In the release announcing his departure as CEO, Eugene Scherbakov said 85 words.
“We are thrilled”
Eugene Scherbakov stated: “For more than three decades I have been committed to the growth and success of IPG, and it has been an honor to serve as CEO. During the search process, it became clear that Dr. Gitin possessed a unique combination of relevant scientific expertise and a proven ability as a successful operator in our industry. We are thrilled to have secured Dr. Gitin as our next CEO, and I look forward to helping him to make this transition seamless for our customers and other stakeholders.”
The above text is an excerpt from the exechange report 19.2024 ($), publication date May 6, 2024.