Velo3D Inc., a metal additive manufacturing technology company, announced that Benny Buller has stepped down as the company’s CEO at the request of the company’s board of directors, effective immediately. Buller will remain a member of the company’s board of directors.
Carl Bass, chairman of the board of Velo3D, said that “given the current environment, the Board believed a change would best position the company for future success. We look forward to continuing to benefit from Benny’s experience at the board level as we execute on our strategic technology and profitability initiatives.”
The board of directors appointed Brad Kreger (pictured) as Interim CEO, effective December 18, 2023, and the Company has commenced a search for a permanent CEO. Kreger has been Executive Vice President of Operations at the Company since December 2022. Prior to Velo3D, he held various executive positions overseeing, and rapidly scaling, manufacturing operations at several early and mid-stage companies including tenures at Affymetrix, Thermo Fisher Scientific, and Fluidigm Corporation.
Additionally, the board has commenced a strategic business review process to explore alternatives to maximize shareholder value. Potential strategic alternatives to be explored or evaluated may include, but are not limited to, a strategic transaction, potential merger, business combination or sale. There can be no assurance that the Company’s strategic review process will result in any transaction or other strategic outcome. The company does not expect any impact on its operations or its ability to serve its customers during the review process. Velo3D remains committed to driving strategic value for its customers, employees, partners and shareholders.
Velo3D said it does not intend to disclose further developments on this strategic review process unless and until it determines that such disclosure is appropriate or necessary.
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