- Michael Burger to retire as
President and CEO effective July
1st, 2023
- Yuval Wasserman will become Executive Chairman immediately
and will assume the position of Chairman and Interim CEO on
July 1st, 2023
LAKE
MARY, Fla., May 3, 2023
/PRNewswire/ -- FARO® (Nasdaq: FARO), a global leader of 3D
measurement, imaging and realization solutions for the 3D
Metrology, AEC (Architecture, Engineering & Construction), and
Public Safety Analytics markets, today announced that Michael
Burger has informed the company that he intends to retire as
president & chief executive officer and such retirement will be
effective July 1st, 2023. The board of directors
has appointed Yuval Wasserman, its current chairman of the
board as Executive Chairman effective May
4th, 2023 and as Chairman and Interim CEO,
effective July 1st, 2023.
Mr. Burger will remain as a strategic advisor to the Company
and to Mr. Wasserman, to assist in the transition.
"On behalf of the board, the company, and its stakeholders, I
would like to thank Michael for his many contributions during his
tenure as President and CEO of FARO," stated Yuval Wasserman,
chairman of the board. "Under Michael's leadership, FARO has
embarked on a new strategy to grow its product offerings, served
markets and target applications through the expansion into a SaaS
model while transferring our manufacturing to an outsourced model.
This new strategy, while still in its early stages, positions FARO
for growth, diversification, and value creation. I'd like to extend
our best wishes to Michael on his retirement. As we continue to
pursue our strategy and optimize our business, we will accelerate
the process of hiring a new CEO for FARO."
Mr. Burger noted, "Throughout my four years as president and
chief executive officer of FARO, we have focused on building a
clear strategy to drive the long-term growth of the Company. I am
proud of the progress our employees have made and I have very high
confidence in the team of highly experienced leaders we have
built. I look forward to working with our board and Yuval to
ensure a smooth transition."
Yuval Wasserman was previously
President CEO of Advanced Energy Industries, Inc. from 2014 to
2021. During his tenure at Advanced Energy Industries, it
grew into a global leader in precision power conversion with
over $1.4 billion in annual sales, delivering significant
shareholder return. The Board believes that Yuval has the
right experience and depth of understanding of the company to lead
FARO through this transition and successfully recruit a permanent
CEO.
About FARO
For 40 years, FARO has provided industry-leading technology
solutions that enable customers to measure their world, and then
use that data to make smarter decisions faster. FARO continues to
be a pioneer in bridging the digital and physical worlds through
data-driven reliable accuracy, precision, and immediacy. For more
information, visit www.faro.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that are subject to risks and uncertainties, such as statements
about the nature of the planned CEO transition, the timing of the
transition and related matters. Such forward-looking statements may
also be identified by the use of the following words (among
others): "believes," "expects," "may," "will," "plan," "should" or
"anticipates," or comparable words and their negatives. These
forward-looking statements are not guarantees but are subject to
risks and uncertainties that could cause actual results to differ
materially from the expectations contained in these statements.
Factors that could affect the transition include but are not
limited to the nature, terms and timing of any transition agreement
with Mr. Burger, the timing of the Company's search for a new CEO,
and any unexpected developments in the transition. FARO
assumes no obligation to update any forward-looking statements
contained in this press release in the event of changing
circumstances or otherwise, and such statements are current only as
of the date they are made.
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SOURCE FARO