Stratasys CFO Erez Simha leaves at short notice

  • Signs for push-out forces
  • After four years on the job
  • Laud, praise and thanks for Simha
  • Lilach Payorski taking over

(management-change.com) — Rehovot, Israel, December 27, 2016 — Erez Simha, finance chief of Stratasys, leaves. It is a change at short notice. As announced by Stratasys Ltd. in a news release and in a regulatory filing published on Tuesday, December 27, 2016, Erez Simha leaves the post as Chief Financial Officer at the manufacturer of 3D printers in a surprising move after four years on the job, effective January 01, 2017.

Simha’s duties are taken over by Lilach Payorski, currently Senior Vice President of Corporate Finance at Stratasys Ltd.

No reason given

In the announcement, Stratasys did not explicitly explain the reason for Simha’s imminent move, leaving room for speculation.

Alarm signal

Generally speaking, it is often an alarm signal for investors when a CFO leaves the post at short notice and without a reasonable explanation.

“Step down”

Stratasys said: “Following five years of service, Mr. Simha, CFO & COO of Stratasys, has recently informed the Company of his desire to step down as of year-end.”

Precise information about the future plans of Simha was not immediately available.

Share price decline

The change follows a decline in the share price of Stratasys Ltd. since October 2014.

Chaired by Elan Jaglom

Stratasys Ltd. is chaired by Elchanan (Elan) Jaglom.

Jaglom has been serving as Chairman of the Board since February 2015.

Ilan Levin serves as CEO of Stratasys Ltd. Levin assumed the position of Chief Executive Officer in July 2016.

On the job as CFO since 2012

Erez Simha has been the Chief Financial Officer at Stratasys Ltd. since December 01, 2012.

Simha, who joined Objet in November 2011 as its Chief Operations Officer and Chief Financial Officer, has served as Chief Financial Officer and as Chief Operating Officer (Israel) (and, since January 2014, the Chief Operating Officer of the entire company) since the Stratasys-Objet merger.

Previously, he served as Corporate Vice President and Chief Financial Officer of Orbotech Ltd., a developer of automated optical inspection systems and imaging solutions, from July 2009 to March 2011, prior to which he had served in several other capacities at Orbotech and its affiliates, including as Corporate Vice President for Finance from September 2008 to June 2009, Vice President of Finance and Operations at Orbotech Pacific Ltd. from April 2007 to August 2008 and Vice President of Finance, Operations and Customer Support at Orbotech S.A. from May 2004 to March 2007.

Prior to joining Orbotech, Simha served as Chief Financial Officer of Wiseband Communications Ltd., a developer of digital multi carrier power amplifiers for the wireless communications industry, from 2000 to 2004; as the general manager of a private company engaged in the import and distribution of professional and technical equipment for the building and metal industries, from 1994 to 2000; and as the controller of Mishkan—Hapoalim Mortgage Bank, from 1990 to 1994.

Simha is a certified public accountant and holds a B.A. in economics and accounting and an M.B.A. from Tel Aviv University.

Simha will remain with the Company to provide operational and financial support to Management as required.

Signs for push-out forces

It is not completely certain what forces eventually triggered Erez Simha’s move.

The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.

Read the full story in the management-change.com report 01.2017 ($).