x

Posted 15 December, 2023

Velo3D, Inc. appointed Brad Kreger as new CEO

NYSE:VLD appointed new Chief Executive Officer Brad Kreger in a 8-K filed on 15 December, 2023.


  Effective as of December 18, 2023, the Board appointed Brad Kreger, the Company's Executive Vice President of Operations, as its Interim Chief Executive Officer and principal executive officer.  

Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
Overview of Velo3D, Inc.
Technology • Computers/Consumer Electronics
Velo3D, Inc. operates as technology company, which engages in developing and manufacturing metal laser sintering printing machines for 3D printing. Its products include assure system, flow software, sapphire printer, sapphire XC, and SupportFree process. The company was founded by Benyamin Buller in June 2014 and is headquartered Campbell, CA.
Market Cap
$77.7M
View Company Details
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b)


On December 15, 2023, at the request of the Board of Directors (the "Board") of Velo3D, Inc. (the "Company"), Benyamin Buller resigned from his position as Chief Executive Officer the Company. He will remain a member of the Board and, following his resignation, will be entitled to receive compensation pursuant to the Company's compensation program for its non-employee directors. 


In connection with Mr. Buller's resignation, the Company entered into a separation agreement with Mr. Buller, pursuant to which he will receive the following severance benefits in exchange for a customary release of claims against the Company:


-a $250,000 gross severance payment, payable in equal installments every two weeks, over a six-month period; 

-four months of reimbursement of COBRA continuation benefits; and

-an extended period to exercise Mr. Buller's vested stock options for up to three months following the date on which he ceases to provide service to the Company (including as a Board member).


Mr. Buller will forfeit his unvested options and unvested restricted stock units.


The foregoing description of the separation agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the separation agreement, a copy of which is attached as Exhibit 10.1 and is incorporated herein by reference.


(c)


Effective as of December 18, 2023, the Board appointed Brad Kreger, the Company's Executive Vice President of Operations, as its Interim Chief Executive Officer and principal executive officer. Since December 2022, Mr. Kreger, age 48, has served as the Company's Executive Vice President of Operations. Prior to joining the Company, he served as Senior Vice President, Global Operations at Fluidigm Corporation (now known as Standard BioTools Inc.), a manufacturing company for biological research equipment, from April 2018 to October 2022, and as Senior Director, Operations, Clinical Sequencing Division at Thermo Fisher Scientific, a supplier of laboratory and scientific products and services, from December 2016 to March 2018, from October 2013 to December 2016, Vice President, Reagent Manufacturing at Affymetrix Incorporated, a manufacturing company for biological research equipment. Mr. Kreger holds a B.S. in Biotechnology and Business from Charter Oak State College and an M.S. in Management and Leadership and an M.B.A. from Western Governors University.


There are no family relationships between Mr. Kreger and any director or executive officer of the Company, and he does not have any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.


In connection with the appointment, the Compensation Committee of the Board approved an increase in Mr. Kregers's annual base salary from $380,000 to $450,000, effective as of December 18, 2023.