Velo3D, Inc., a leading metal additive manufacturing technology company for mission-critical parts, announced that Benny Buller has stepped down as the company’s Chief Executive Officer at the request of the Company’s Board of Directors, effective immediately. Mr. Buller will remain a member of the Company’s Board of Directors.
“I want to thank Benny for his tireless efforts over the last nine years from founding the company to making Velo3D the technology leader in the rapidly growing additive manufacturing industry,” said Carl Bass, Chairman of the Board of Velo3D. “We are incredibly grateful to Benny for all his contributions. However, 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 has appointed Brad Kreger as Interim CEO, effective December 18, 2023 and the Company has commenced a search for a permanent CEO. Mr. Kreger has been Executive Vice President of Operations at the Company since December of 2022. Prior to Velo3D, he has held various executive positions overseeing, and rapidly scaling, manufacturing operations at a number of early and mid-stage companies including tenures at Affymetrix, Thermo Fisher Scientific, and Fluidigm Corporation.
Additionally, the Board of Directors has commenced a strategic business review process to explore alternatives in order 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 does not intend to disclose further developments on this strategic review process unless and until it determines that such disclosure is appropriate or necessary.
