The top executive of additive manufacturing equipment maker 3D Systems Corp. has stepped down, as the company suffers from an ongoing slide in its stock price.
3D Systems announced Oct. 29 that Avi Reichental has left as president and CEO and as a director of the company. The company's board of directors and Reichental agreed he should go.
The board has launched a search for a replacement at 3D Systems, which is traded on the New York Stock Exchange.
The board named Charles Hull, who is co-founder of the company, a director and chief technology officer, to head an executive management committee to provide ongoing leadership and support operations and strategy. The current chief legal officer, Andrew Johnson, will serve as interim president and CEO, along with his legal role.
Reichental said in a statement: “I am deeply grateful to have had the opportunity to lead and build this fine company for the past 12 years, and I am excited about its future.”
Company executives thanked Reichental for his leadership. Chairman G. Walter Loewenbaum II said he “has helped build 3D systems into a global leader in 3-D design and digital fabrication.”
3D Systems' stock rose meteorically, peaking at more than $97 in early 2014. The 3-D printing industry was getting tons of positive press — news stories suggested explosive growth in demand for the machines, even big numbers for home use.
But it amounted to overhype, and investors punished the stock, which has been in a decline ever since. It opened at $10.28 the day Reichental's departure was announced.